• Contact us
  • Advertising Policy
  • Cookie Policy
  • Disclaimer
  • Privacy Policy
  • Terms of Use
Friday, July 11, 2025
32 °c
Agartala
enewstime
  • Home
  • News
    • Northeast
    • National
    • International
    • Tripura News
  • Sports
    3rd Test: Pope has his 'fingers crossed' as Stokes battles injury at Lord’s

    3rd Test: Pope has his 'fingers crossed' as Stokes battles injury at Lord’s

    'I have asked him for some tips..': Reddy credits Cummins’ advice for bowling success at Lord’s

    'I have asked him for some tips..': Reddy credits Cummins’ advice for bowling success at Lord’s

    3rd Test: Rotation of bowlers will be a critical thing, says Mel Jones

    3rd Test: Rotation of bowlers will be a critical thing, says Mel Jones

    Hockey India names 33-man core group for senior men's national camp

    Hockey India names 33-man core group for senior men's national camp

    Bengaluru to host Indian Open Para Athletics Championship on July 11–12

    Bengaluru to host Indian Open Para Athletics Championship on July 11–12

    Club WC: Enrique motivates PSG to 'make history' after routing Real Madrid

    Club WC: Enrique motivates PSG to 'make history' after routing Real Madrid

    Red Bull sack F1 team principal Christian Horner

    Red Bull sack F1 team principal Christian Horner

    Stuart Broad labels Australia’s current top three 'the most muddled'

    Stuart Broad labels Australia’s current top three 'the most muddled'

    NZ opener Allen ruled out of Zimbabwe tri-series with foot injury

    NZ opener Allen ruled out of Zimbabwe tri-series with foot injury

  • Business
  • Entertainment
  • Health
  • Features
  • TendersNew
No Result
View All Result
  • Home
  • News
    • Northeast
    • National
    • International
    • Tripura News
  • Sports
    3rd Test: Pope has his 'fingers crossed' as Stokes battles injury at Lord’s

    3rd Test: Pope has his 'fingers crossed' as Stokes battles injury at Lord’s

    'I have asked him for some tips..': Reddy credits Cummins’ advice for bowling success at Lord’s

    'I have asked him for some tips..': Reddy credits Cummins’ advice for bowling success at Lord’s

    3rd Test: Rotation of bowlers will be a critical thing, says Mel Jones

    3rd Test: Rotation of bowlers will be a critical thing, says Mel Jones

    Hockey India names 33-man core group for senior men's national camp

    Hockey India names 33-man core group for senior men's national camp

    Bengaluru to host Indian Open Para Athletics Championship on July 11–12

    Bengaluru to host Indian Open Para Athletics Championship on July 11–12

    Club WC: Enrique motivates PSG to 'make history' after routing Real Madrid

    Club WC: Enrique motivates PSG to 'make history' after routing Real Madrid

    Red Bull sack F1 team principal Christian Horner

    Red Bull sack F1 team principal Christian Horner

    Stuart Broad labels Australia’s current top three 'the most muddled'

    Stuart Broad labels Australia’s current top three 'the most muddled'

    NZ opener Allen ruled out of Zimbabwe tri-series with foot injury

    NZ opener Allen ruled out of Zimbabwe tri-series with foot injury

  • Business
  • Entertainment
  • Health
  • Features
  • TendersNew
No Result
View All Result
enewstime
  • Home
  • News
  • Sports
  • Business
  • Entertainment
  • Health
  • Features
  • Tenders
Home Business

India opted for ‘Barbell Strategy’ with safety nets as part of economic response to Covid

ENEWSTIME Desk by ENEWSTIME Desk
January 31, 2022
in Business
30
VIEWS
Share on FacebookShare on Twitter

Faced with all this uncertainty, the government of India opted for a “Barbell Strategy” that combined a bouquet of safety-nets to cushion the impact on vulnerable sections of society/business, with a flexible policy, said the Economic Survey 2021-22 which was presented in Parliament on Monday.

The last two years have been particularly challenging for policy-making around the world with repeated waves from a mutating virus, travel restrictions, supply-chain disruptions and more recently, global inflation.

This is a common strategy used in financial markets to deal with extreme uncertainty by combining two seemingly disparate legs. The iterative leg of this strategy is the same as the “Agile” approach that uses feedback-loops, and real-time adjustment.

The Agile approach is a well-established intellectual framework that is increasingly used in fields like project management and technology development.

In an uncertain environment, the Agile framework responds by assessing outcomes in short iterations and constantly adjusting incrementally.

It is important here to distinguish Agile from the “Waterfall” framework which has been the conventional method for framing policy in India and most of the world.

The Waterfall approach entails a detailed, initial assessment of the problem followed by a rigid up front plan for implementation.

This methodology works on the premise that all requirements can be understood at the beginning and therefore pre-commits to a certain path of action. This is the thinking reflected in five-year economic plans, and rigid urban master-plans.

The flexibility of Agile improves responsiveness and aids evolution, but it does not attempt to predict future outcomes. This is why the other leg of the Barbell strategy is also needed. It cushions for unpredictable negative outcomes by providing safety nets. This explains why the government’s initial measures in 2020-21 were mostly about making food available to the poor, providing emergency liquidity support for MSMEs and holding the Insolvency and Bankruptcy Code in abeyance.

Once these were in place, the Government made its way forward by regularly announcing packages targeted at specific challenges. Contrast this with the approach adopted by many other countries pre-committing to a particular response path.

Sanjeev Sanyal, Principal Economic Adviser wrote in the introduction of the Economic Survey that 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 consequences. The response of traditional economics was to create ever more detailed plans/regulations, and elaborate forecasting models despite more than adequate evidence that this did not improve outcomes. In his Nobel Prize acceptance speech, economist Friedrich Hayek dubbed this ‘The Pretence of Knowledge,” Sanyal said.

This Economic Survey sets out to explain the alternative “Agile” approach that informed India’s economic response to the Covid-19 shock. This framework is based on feed-back loops, real-time monitoring of actual outcomes, flexible responses, safety-net buffers and so on. 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. The last Economic Survey did briefly discuss this approach, but this time it is a central theme, Sanyal said.

Some form of feedback loop based policy-making was arguably 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. 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, can be tailored to an evolving situation rather than what a model may have predicted, Sanyal added.

Related Posts

Income Tax Dept releases excel utilities for ITR-2 and ITR-3 forms
Business

Income Tax Dept releases excel utilities for ITR-2 and ITR-3 forms

July 11, 2025
Committed to nurture next-gen innovation in 6G technology: Jyotiraditya Scindia
Business

Committed to nurture next-gen innovation in 6G technology: Jyotiraditya Scindia

July 11, 2025
Lilavati Trust fires another salvo at HDFC Bank CEO
Business

Lilavati Trust fires another salvo at HDFC Bank CEO

July 10, 2025
Global end-user spending on GenAI models to reach $14.2 billion in 2025
Business

Global end-user spending on GenAI models to reach $14.2 billion in 2025

July 10, 2025
Demand continuity drives business development for Indian real estate firms: Report
Business

Demand continuity drives business development for Indian real estate firms: Report

July 10, 2025
India and OPEC have a unique and symbiotic relationship: Hardeep Puri
Business

India and OPEC have a unique and symbiotic relationship: Hardeep Puri

July 10, 2025
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
D-2050 D-2050 D-2050
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT

About us

Enewstime.in is run by an individual – a Journalist by profession of Tripura with the active help of several journos including senior journalists of the State. On top of that, Enewstime.in being a subscriber of IANS news agency, we have plenty of multi-choice topics to offer to our esteemed readers. Enewstime.in is a venture reach global audience from a tiny State Tripura.

Latest News

Spine a medical miracle and corporate necessity for self-belief: Gautam Adani

Awami League Slams ICT Alleging Coercion of Ex-IGP to Testify Against Hasina

Bloodshed in West Bengal’s Bhangar returns

World Population Day: Planned parenthood key for better maternal, child health, says Nadda

Anupam Kher on President watching ‘Tanvi The Great’: She’s the epitome of different but no less

Income Tax Dept releases excel utilities for ITR-2 and ITR-3 forms

Contact us

19, Old Thana Road. Banamalipur. PO. Agartala. Pin code 799001. Tripura (West), India.

Email: enewstime2017@gmail.com

Wa: 8794548041

  • Contact us
  • Advertising Policy
  • Cookie Policy
  • Disclaimer
  • Privacy Policy
  • Terms of Use

© 2025 Designed & Developed with ❤️ by Provibe Media LLP

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
No Result
View All Result
  • Home
  • News
    • Northeast
    • National
    • International
    • Tripura News
  • Sports
  • Business
  • Entertainment
  • Health
  • Features
  • Tenders

© 2025 Designed & Developed with ❤️ by Provibe Media LLP