Planning and Policy Making in a VUCA World

The world is constantly changing and evolving, and as we move into an era of technological innovation, it’s essential to understand how we can plan and build policies for the future. This is where Rishihood University’s recent guest speaker, Sanjeev Sanyal, comes in.

Sanyal is a renowned economist and policymaker, having served as a member of the Economic Advisory Council to the Prime Minister and the principal financial advisor to the Finance Minister of India for five years. His insights on planning and building policies in the face of rapid change and unpredictability are invaluable to our current times.

During his interaction with the students and members of Rishihood University, Sanyal highlighted the importance of understanding the constantly changing nature of the world. As we move from using kerosene lamps to electric wires and now to integrating artificial intelligence (AI) into our daily lives, we must recognize that this is just the beginning of a long journey of technological innovation.

Sanyal also emphasized the need to rethink and update traditional economic concepts in light of today’s changing world scenarios. He shared the perspective on how the Indian Government used the model of complexity theory and adopted the barbell strategy to deal with the onset of COVID-19. This approach entailed supporting the poorest and most vulnerable while protecting the economy’s most critical sectors.

Sanyal provided a glimpse of how the Indian Government tackled the unpredictable situation in March 2020 and how it responded by learning every day. This learning-by-doing approach helped the government effectively manage the situation and implement policies that best served the people.

In addition, Sanyal emphasized the importance of creating our index. He urged us to focus on developing our unique set of indicators and measures that reflect our country’s specific challenges and opportunities. This will enable policymakers to tailor their policies to address better their country’s and its citizens’ unique needs.

In conclusion, Sanjeev Sanyal’s insights on planning and building policies in the face of rapidly changing world scenarios are valuable for students and policymakers alike. As we navigate the uncertainties and challenges of the future, his ideas can serve as a guiding light to create a better and more prosperous world for all.