The theme of second year running, the
Economic Survey was written under the cloud of the Covid-19 pandemic. These have been difficult times for the world economy. It is not just about the immediate disruptions and uncertainty caused by repeated waves of the pandemic, but also the longer-term uncertainty about the
post-Covid world due to accelerated shifts in technology, consumer behaviour, supply-chains, geo-politics, climate and a host of other factors. Not only are these individual factors difficult to forecast, the impact of their interactions are fundamentally unpredictable.
The theme of this Economic Survey, therefore, relates to the art and science of policymaking under conditions of extreme uncertainty.
science of policymaking under conditions of extreme uncertainty.
the world economy. It is not just about the immediate disruptions and uncertainty caused by repeated waves of the pandemic, but also the longer-term uncertainty about the post-Covid world due to accelerated shifts in technology 2, consumer behaviour, supply-chains, geo-politics, climate and a host of other factors. Not only are these individual factors difficult to forecast, the impact of their interactions are fundamentally unpredictable.
the world economy. It is not just about the immediate disruptions and uncertainty caused by repeated waves of the pandemic, but also the longer-term uncertainty about the post-Covid world due to accelerated shifts in technology, consumer behaviour, supply-chains, geo-politics, climate and a host of other factors. Not only are these individual factors difficult to forecast, the impact of their interactions are fundamentally unpredictable.
the world economy. It is not just about the immediate disruptions and uncertainty caused by repeated waves of the pandemic, but also the longer-term uncertainty about the post-Covid world due to accelerated shifts in technology, consumer behaviour, supply-chains, geo-politics, climate and a host of other factors. Not only are these individual factors difficult to forecast, the impact of their interactions are fundamentally unpredictable.
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the world economy. It is not just about the immediate disruptions and uncertainty caused by repeated waves of the pandemic, but also the longer-term uncertainty about the post-Covid world due to accelerated shifts in technology, consumer behaviour, supply-chains, geo-politics, climate and a host of other factors. Not only are these individual factors difficult to forecast, the impact of their interactions are fundamentally unpredictable.The theme of this Economic Survey, therefore, relates to the art and science of policymaking under conditions of extreme uncertainty.
the world economy. It is not just about the immediate disruptions and uncertainty caused by repeated waves of the pandemic, but also the longer-term uncertainty about the post-Covid world due to accelerated shifts in technology, consumer behaviour, supply-chains, geo-politics, climate and a host of other factors. Not only are these individual factors difficult to forecast, the impact of their interactions are fundamentally unpredictable.
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the world economy. It is not just about the immediate disruptions and uncertainty caused by repeated waves of the pandemic, but also the longer-term uncertainty about the post-Covid world due to accelerated shifts in technology, consumer behaviour, supply-chains, geo-politics, climate and a host of other
the world economy. It is not just about the immediate disruptions and uncertainty caused by repeated waves of the pandemic, but also the longer-term uncertainty about the post-Covid world due to accelerated shifts in technology, consumer behaviour, supply-chains, geo-politics, climate and a host of other factors. Not only are these individual factors difficult to forecast, the impact of their interactions are fundamentally unpredictable.
the world economy. It is not just about the immediate disruptions and uncertainty caused by repeated waves of the pandemic, but also the longer-term uncertainty about the post-Covid world due to accelerated shifts in technology, consumer behaviour, supply-chains, geo-politics, climate and a host of other factors. Not only are these individual factors difficult to forecast, the impact of their interactions are fundamentally unpredictable.
certainty about the post-Covid world due to acceler
1. Jha, A. and Mullick, J. 2020.How the world’s strictest lockdown affected India , Hindustan Tmes, June 23. [https://www.hindustantimes.com/india-news/how-the-world-s-strictest-lockdown-affected-india/story-hi96OxJcyZe53JHb5f6gwN.html]. Return To text.
Altstedter, A, et. al. 2020 . Lockdown Isn’t Flattening India Virus Curve as in Italy or Spain , Bloombergquint.com, April 30. [https://www.bloombergquint.com/coronavirus-outbreak/lockdown-isn-t-flattening-india-virus-curve-as-in-italy-or-spain].Return to Text
3. Government of India Covid 19 Dashboard . [ https://www.mygov.in/covid-19 ]. Return to Text.
4. Aljazeera . 2020 . India running out of hospital beds amid record coronavirus cases , June 9. [https://www.aljazeera.com/news/2020/06/india-running-hospital-beds-record-coronavirus-cases-200609111732298.html]. Return to Text.
5. Serena Josephine M. 2020 . Govt. hospitals in city overwhelmed , The Hindu, May 11. [https://www.thehindu.com/news/cities/chennai/govt-hospitals-in-city-overwhelmed/article31561515.ece]. Return to Text.
6. Vishnoi, A. 2020 . Indian health care underfunded, delivery poor: World Bank Report , The Economic Times, July 9. [https://economictimes.indiatimes.com/news/politics-and-nation/indian-health-care-underfunded-delivery-poor-world-bank-report/articleshow/76862205.cms]. Return to Text.
certainty about the post-Covid world due to acceler
The default mode of policy-making in India and most of the world has traditionally been to
rely on a pre-determined “Waterfall” approach – an upfront analysis of the issue, detailed planning and
finally meticulous implementation. This is the framework that underpins five-year plans and rigid urban master-plans. The problem is that the real world is a
complex and unpredictable place buffeted by all kinds of random shocks and unintended conseq