On August 5, 2020 the Andhra Pradesh Government virtually signed the Memorandum of Understanding (MoU) through the Economic Development Board, with the Hyderabad-based Indian School of Business (ISB) for setting up a public policy lab called “GoAP-ISB Policy Lab” to drive the evidence-based policy decisions & to work with various economic departments in the state.
The MoU was signed by the (CEO) Chief Executive of Andhra Pradesh Economic Development Board, J V N Subramanyam and ISB Dean Rajendra Srivastava signed in the presence of Industries and Commerce Minister Mekapati Goutham Reddy.
Objective: To recover the economy and to monitor the growth of the state during the COVID-19 phase.
About the MoU
i.The MoU has been signed to provide particular concentration on financial growth and job creation in Andhra Pradesh.
ii.The state government has collaborated with ISB in developing indicators for: High Frequency, High Resolution Indicators for Monitoring Economic Recovery in Andhra Pradesh’, Project on ‘Visakhapatnam’ as an Engine of Growth, focus on ‘Food Processing Sector’ improving e-governance, data analytics unshackling informal sector growth and reshaping the skilling programs.
About the GoAP-ISB Policy Lab
Aim: To create a knowledge for strategic planning, policy analysis, data analytics and action-research essential for sustaining higher growth rate.
i.The lab is modelled by the lines of Policy Lab in the UK that works towards the objective of economic monitoring, recovery, and development.
ii.The data analytics is designed to move from mere descriptive analytics to predictive and prescriptive policy analytics which helps to conclude the economic conditions.
i.Data will be generalized using Randomized Control Trials (RCTs) that gather evidence to measure the impact of our policies.
ii.The Nobel Prize winners of the year 2019, were recognized for pioneering the RCT approach to the development of the economy.
Recent Related News:
i.On June 10, 2020 Andhra Pradesh(AP) Chief Minister(CM) Yeduguri Sandinti(YS) Jagan Mohan Reddy launched the ‘Jagananna Chedodu’ scheme to provide financial assistance to tailors, barbers and dhobis(washermen). Under the scheme, Rs 10,000 per person was provided to 2.47 lakh washermen (82,347), barbers (38,767) and tailors (1,25,926).
ii.On May 22, 2020 Andhra Pradesh(AP)’s Chief Minister(CM) Y.S. Jagan Mohan Reddy has launched Rs 1,110 crores ‘ReStart’ a new programme to support & boost the Micro, Small and Medium Enterprise(MSME) sector in the State.
About Andhra Pradesh:
Capital – Amaravati
Chief Minister – Y. S. Jaganmohan Reddy
Governor – Biswabhusan Harichandan
About Indian School of Business (ISB)
Chairman of the Board– Harish Manwani
Dean – Rajendra Srivastava