Central theme of Economic Survey 2021-22 is "Agile approach": Finance Ministry
Friday, May 20, 2022
  • Circulation
  • Advertise
  • About Us
  • Contact Us
  • Privacy Policy
Organiser
  • ‌
  • Bharat
  • World
  • Editorial
  • Analysis
  • Opinion
  • Defence
  • Sports
  • Business
  • More
    • RSS in News
    • Special Report
    • Culture
    • Sci & Tech
    • Entertainment
    • Education
    • Books
    • Interviews
    • Travel
    • Health
    • Obituary
SUBSCRIBE
No Result
View All Result
Organiser
  • ‌
  • Bharat
  • World
  • Editorial
  • Analysis
  • Opinion
  • Defence
  • Sports
  • Business
  • More
    • RSS in News
    • Special Report
    • Culture
    • Sci & Tech
    • Entertainment
    • Education
    • Books
    • Interviews
    • Travel
    • Health
    • Obituary
No Result
View All Result
Organiser
No Result
View All Result
  • Home
  • Bharat
  • World
  • Editorial
  • Opinion
  • Analysis
  • Culture
  • Defence
  • RSS in News
  • Subscribe
Home Bharat

Central theme of Economic Survey 2021-22 is “Agile approach”: Finance Ministry

WEB DESK by WEB DESK
Jan 31, 2022, 09:19 pm IST
in Bharat, Delhi
Union Finance Minister Nirmala Sitharaman Addressing the Parliament (Photo Credit: ANI)

Union Finance Minister Nirmala Sitharaman Addressing the Parliament (Photo Credit: ANI)

Share on FacebookShare on TwitterTelegramEmail

The survey charted out many permutations and combinations in terms of language, statistics, formats, topics, length, scope, and prescriptions projected through the Economic Surveys.

 

New Delhi [India], January 31 (ANI): The central theme of this year's Economic Survey is the "Agile approach", implemented through India's economic response to the COVID-19 pandemic shock, according to the Union Ministry of Finance. The Ministry further informed that the Preface of the Economic Survey states that the "Agile approach" is based on feedback loops, real-time monitoring of actual outcomes, flexible responses, safety-net buffers, and so on.

The Economic Survey 2021-22 tabled by the Union Minister for Finance and Corporate Affairs Nirmala Sitharaman in the Parliament today argued that some form of feedback loop based policy-making was always possible, but the "Agile framework" is particularly relevant today because of the explosion of real-time data that allows for constant monitoring.

Such information includes GST collections, digital payments, satellite photographs, electricity production, cargo movements, internal or external trade, infrastructure roll-out, delivery of various schemes, mobility indicators, to name just a few, read a press statement from the Ministry.

Some of them are available from public platforms, but many innovative forms of data are now being generated by the private sector. Short-term policy responses, therefore, the survey states, can be tailored to an evolving situation rather than what a model may have predicted. Planning matters in this framework, but mostly for scenario-analysis, identifying vulnerable sections, and understanding policy options rather than as a deterministic prediction of the flow of events.

According to the ministry, the survey also notes that the previous Economic Survey did briefly discuss this approach, but it is a central theme for this survey.

Another theme highlighted in this Economic Survey relates to the "art and science of policy-making" under conditions of extreme uncertainty. It is not just about the immediate disruptions and uncertainty caused by repeated waves of the COVID-19 pandemic but also the longer-term uncertainty about the post-COVID world due to accelerated shifts in technology, consumer behaviour, supply chains, geopolitics, climate change, and a host of other factors. Not only are these individual factors difficult to forecast, but the impact of their interactions is also fundamentally unpredictable, the statement read.

The same recognition of uncertainty informs the longer-term supply-side strategy, the combination of policies that encourage economic flexibility through innovation, entrepreneurship, and risk-taking on the one hand, and simultaneously invests in resilient infrastructure, social safety-nets, and macro-economic buffers on the other.

The Preface also takes a bird's eye view of the "great deal of evolution" of the Economic Surveys presented since the first survey in 1950-51, it added.

The survey charted out many permutations and combinations in terms of language, statistics, formats, topics, length, scope, and prescriptions projected through the Economic Surveys. Interestingly, for more than a decade after 1st Survey, the Survey document was clubbed with the Union Budget.

The ministry also stated that, making a shift from the two-volume format of recent years to a single volume plus a separate volume for statistical tables, the Survey argues for the smaller and terse document.

Over the years, the increasing voluminous state of the document has made it unwieldy with last year's Economic Survey 2020-21 with almost 900 pages.

Therefore, this year's Survey reverts to a single volume plus a separate volume for the Statistical Appendix. The idea of having a separate volume for the statistical appendix is to give it a distinct identity as the one-stop source of authentic data.

The Economic Survey hopes that it will evolve in the next few years to include new kinds of socio-economic data in line with the emphasis on a feedback loop approach, it said.

Along with the sectoral chapters, this year's Survey adds a new chapter that demonstrates the use of satellite and geo-spatial images to gauge various economic phenomena – urbanization, infrastructure, environmental impact, farming practices, and so on, it added. (ANI)
   

  
                    

ShareTweetSendShareSend
Previous News

Key highlights of the economic survey 2021-22

Next News

India, Russia hold consultations on UNSC issues in New Delhi

Related News

Nikhat Zareen strikes gold in Women’s World Boxing C’ships

PM Modi lauds Nikhat Zareen for ‘fantastic’ gold at World Boxing C’ships

Nikhat Zareen strikes gold in Women’s World Boxing C’ships

Nikhat Zareen strikes gold in Women’s World Boxing C’ships

Hindus and other minorities face violent attacks on streets: CDPHR report on religious discrimination in US

Hindus and other minorities face violent attacks on streets: CDPHR report on religious discrimination in US

EAM S Jaishankar Hitting back hard: India schooling the biased West

EAM S Jaishankar highlights eight key points during BRICS Foreign Ministers’ Meeting

Supreme Court to hear Gyanvapi mosque case tomorrow

Supreme Court to hear Gyanvapi mosque case tomorrow

1,224 KM long Amritsar Jalandhar Highway Targeted To Be Completed by September 2023: Nitin Gadkari

1,224 KM long Amritsar Jalandhar Highway Targeted To Be Completed by September 2023: Nitin Gadkari

Comments

The comments posted here/below/in the given space are not on behalf of Organiser. The person posting the comment will be in sole ownership of its responsibility. According to the central government's IT rules, obscene or offensive statement made against a person, religion, community or nation is a punishable offense, and legal action would be taken against people who indulge in such activities.

Latest News

Nikhat Zareen strikes gold in Women’s World Boxing C’ships

PM Modi lauds Nikhat Zareen for ‘fantastic’ gold at World Boxing C’ships

Nikhat Zareen strikes gold in Women’s World Boxing C’ships

Nikhat Zareen strikes gold in Women’s World Boxing C’ships

Hindus and other minorities face violent attacks on streets: CDPHR report on religious discrimination in US

Hindus and other minorities face violent attacks on streets: CDPHR report on religious discrimination in US

EAM S Jaishankar Hitting back hard: India schooling the biased West

EAM S Jaishankar highlights eight key points during BRICS Foreign Ministers’ Meeting

Supreme Court to hear Gyanvapi mosque case tomorrow

Supreme Court to hear Gyanvapi mosque case tomorrow

1,224 KM long Amritsar Jalandhar Highway Targeted To Be Completed by September 2023: Nitin Gadkari

1,224 KM long Amritsar Jalandhar Highway Targeted To Be Completed by September 2023: Nitin Gadkari

Egypt approves India as a wheat supplier, announces Union Minister Piyush Goyal

India defends ‘wheat export’ ban, says it always helped ‘partners in distress’

Punjab CM Bhagwant Mann meets Amit Shah, discusses farmers and drone issues

Punjab CM Bhagwant Mann meets Amit Shah, discusses farmers and drone issues

PM Modi to attend Quad Summit in Tokyo on May 24

PM Modi to attend Quad Summit in Tokyo on May 24

Universities should not be the arena of ideological battle: Amit Shah

Universities should not be the arena of ideological battle: Amit Shah

  • Circulation
  • Advertise
  • About Us
  • Contact Us
  • Privacy Policy

© Bharat Prakashan (Delhi) Limited.
Tech-enabled by Ananthapuri Technologies

No Result
View All Result
  • Home
  • Bharat
  • World
  • Editorial
  • Analysis
  • Opinion
  • Defence
  • Culture
  • Sports
  • Business
  • RSS in News
  • Special Report
  • Sci & Tech
  • Entertainment
  • Education
  • Books
  • Interviews
  • Travel
  • Health
  • Obituary
  • Subscribe
  • About Us
  • Advertise
  • Circulation
  • Contact Us
  • Privacy Policy

© Bharat Prakashan (Delhi) Limited.
Tech-enabled by Ananthapuri Technologies