Agile Approach

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.

The preface of Economic Survey states that the “Agile approach” is based on feed-back loops, real-time monitoring of actual outcomes, flexible responses, safety-net buffers and so on.

The Economic Survey 2021-22 argues 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/external trade, infrastructure roll-out, delivery of various schemes, mobility indicators, to name just a few.

Other themes

Another theme highlighted in this Economic Survey relates to the art and science of policy-making under conditions of extreme uncertainty.

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.