The Economic Survey 2018-19 has drawn on Nobel Laureate Richard Thaler’s Behavioural Economics Theory to lay out what it describes as an “ambitious agenda" for behaviour change that will help India transit to a $5 trillion economy by 2024. “The Survey therefore, lays out an ambitious agenda for behavioural change by applying the principles of behavioural economics to several issues, including gender equality, a healthy and beautiful India, savings, tax compliance and credit quality," it said. The call for the use of behavioural economics for transforming India is seen as one of the new elements in the Economic Survey. Behavioural economics provides the necessary tools and principles to not only understand how norms affect behaviour but also to utilise these norms to effect behavioural change," it said. Catch the Economic Survey live updates hereSitharaman will present Budget 2019 on Friday.

Source: Mint July 04, 2019 07:42 UTC