kv subramaniam reliance Prime Time With Ravish Kumar, July 04, 2019 | Economic Survey - What Is Nudge Theory

The Economic Survey Of India 2019 was prepared by Chief Economic Advisor K Subramaniam and was presented in the parliament by Finance Minister Nirmala Sitharaman. The five main people responsible for preparing the Economic Survey Of India 2019, including CEA K Subramaniam, have been given the responsibility to make India a 5 Trillion Dollar Economy along with the GDP growth of 7 per cent. The cover page of the survey contains hashtag (#) along with 10 circles, 8 of which have different targets associated with them - Jobs, Savings, #Economy@5Trillion, Investment, Data, Law, Export, Nudge. The literal meaning of nudge is push but in economics there is a theory called Nudge Theory. This theory was coined in 2017 by Nobel Laureate American economist Richard Thaler. As per this theory people are expected to change their financial behavior and are forced to take particular financial decisions, which means government will change people's behavior and direct them towards a particular economic activity. Richard Thaler's book Nudge is taught in many universities of the world. In 2010 a team was made in the office of Britain's Prime Minister with an objective to promote government's polices at low cost. In india, NITI Aayog is also thinking on the same lines.

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kv subramaniam reliance Prime Time With Ravish Kumar, July 04, 2019 | Economic Survey - What Is Nudge Theory
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