Policy layering & execution: Mind the gap

A shift in focus from continuous expansion to ensuring sustainability and effectiveness of programmes is imperative for achieving policy success

- ARADHNA AGGARWAL

THE WORLD IS at a crossroads, navigating unprecedented economic, technological, geopolitical, and environmental challenges. Donald Trump's uncompromising "America First" policies and the use of coercion to achieve his objectives have heightened economic and geopolitical uncertainties, compelling nations to strike a balance between global integration and self-reliance. Against this backdrop, the finance minister presented a Budget that articulated the multipronged strategy adopted by the government to navigate these challenges and seize emerging opportunities. The Budget is anchored on a well-designed framework founded on four key pillars of the economy: agriculture, micro, small, and medium enterprises (MSMEs), manufacturing, and exports, incorporating a strategic mix of structural reforms, targeted investments, productivity growth, skill development, digital transformation, innovation, and green energy on the supply side. This is besides enhanced consumer spending power on the demand side to drive growth and competitiveness, while addressing social welfare concerns.

However, the thrust has been on announcing new programmes and policies across the four sectors, in addition to existing ones. This phenomenon, known in emerging literature as policy accumulation or policy layering, raises concerns about the effectiveness of implementation and governance.