Economic Survey lays out the intellectual foundations of India’s Covid response
An important theme of this year’s Economic Survey is about how to make policies and decisions under circumstances of radical uncertainty.
The Survey, therefore, explains India’s ‘barbell’ strategy that combined hedging against worst-case outcomes, on the one hand, with step-by-step responses driven by a Bayesian updating of information on the other. It shows how policies were targeted and sequenced in ways that would maximise bang for the buck.