Chief Economic Adviser KV Subramanian, Principal economic adviser to the Finance Ministry Sanjeev Sanyal and Press Information Bureau (PIB) Principal Director General (DG) Sitanshu Ranjan Kar during a press conference on Economic Survey 2018-19 on Thursday. (Photo: IANS)
New Delhi: Phenomenon related to Behavioural Economics to Mahatma Gandhi's quotes as well as anecdotes from religion and mythology were tastefully woven in the India Economic Survey 2018-19.
Besides quotes from eminent personalities like Gandhi, John Maynard Keynes and Kautilya, the document which paints the picture of India's economy hosts several delightful illustrations on how the Swachh Bharat Mission (SBM) and the Beti Bachao Beti Padhao (BBBP) have successfully employed behavioural insights.
Prepared by the Economic Division under the Ministry of Finance, it had acronyms such as "from BBBP (Beti Bachao, Beti Padhao) to BADLAV (Beti Aapki Dhan Lakshmi Aur Vijay Lakshmi)".
Even chapters have been titled by keeping in mind, the complexity of the topic but with a tinge of masala: "Policy for Homo Sapiens, Not Homo Economicus: Leveraging the Behavioural Economics of 'Nudge'".
Apart from a goal setting approach, the survey also warned against tax evasion, and wilful default, and the doctrine of pious obligation by quoting scriptures from Hinduism, Islam and Christianity.
"Thus, the repayment of debt in one's own life is prescribed as necessary by scriptures across religions," it says in one of the chapters.
"Given the importance of religion in the Indian culture, the principles of behavioural economics need to be combined with this 'spiritual religious norm' to reduce tax evasion and wilful default in the country."
In addition, actual 'sky blue' colour points towards the wanderlust of chasing the economic goals of the country that the survey propagates.
"When was the last time you looked at the blue, unfettered sky and wondered about the power of the unfettered "blue sky" thinking? #EcoSurvey2019," Chief Economic Adviser Krishnamurthy Subramanian tweeted.
"The cover design of #EcoSurvey2019 of "inter-linked gears" captures the idea of investment, savings, exports, growth and jobs being complementary and therefore forming components of a "Virtuous Cycle" with investment as the key driver 3/3 @FinMinIndia @PIB_India @nsitharamanoffc."