Examples of Behavioral Economics
1. Swachh Bharat Mission (SBM): The Swachh Bharat Mission was aimed at transforming people’s attitudes and actions toward cleanliness and sanitation. Through various strategies and campaigns, it succeeded in bringing about significant improvements in public hygiene and sanitation practices across the country.
2. Nudge Policies: India has adopted nudge policies to utilize subtle nudges to influence behavior positively. It includes sending text messages to encourage tax compliance, providing information on the benefits of education to reduce school drop-out rates, and offering specially designed savings accounts to promote higher savings rates.
3. Economic Survey 2019: It drew upon the insights of Nobel Laureate Richard Thaler’s Behavioral Economics Theory to attain an ambitious path for behavior change to drive both social progress and economic development. The survey underscored the potential for behavioral shifts in India through initiatives like the Swachh Bharat Mission, Jan Dhan Yojana, and Beti Bachao Beti Padhao.