Curtain raiser to the #PolicyDialogue

For any country to grow economically, there is an ecosystem that must exist where different facets which contribute to economic growth are well-aligned – be it at the consumer level or the production machinery level. An essential part of this ecosystem is the policy environment which dictates the market. Policy development is probably the most critical component in this functionality, primarily in the Asian market as it directly affects productivity and labour supply. Both can either accelerate or slow down an economy significantly. This has been established through research arguments over time which suggest an in-homogeneous nature of public policy across East Asia reflective in country specific economic growth data. However, the policy paradigm has significantly shifted from the traditional to the experimental. This is in direct correlation to the technology boom we have witnessed over the last couple of decades.  

Especially today, when the world is witnessing an unprecedented situation with reliance on technology more than ever, there is a growing need for appropriate policy structures that can facilitate this transition. Technology and information dissemination through technology is shaping and will further shape our consumption of content and it can play critical role in our understanding of world, perceptions and views on topics. It is essential therefore for us to look at policies with a multi-stakeholder approach and forward-looking vision. This includes debate and discussion on the current policy ecosystem that exists in the present economic environment with the intent to evolve and change archaic policies in order to adapt to what is being defined as the “new normal”. It is important therefore for companies to engage at a macro and micro level. A policy dialogue is the need of the hour where relevant stakeholders are brought in to assess and evaluate the definitive change in policy development that this pandemic has exposed. Companies need to work alongside experts, who are able to support and guide them through this journey. A rounded perspective can go a long way in developing robust policy structures that sustain businesses through crises such as the COVID-19 pandemic.  

Having said that, the process is more daunting in practicality than in approach. The key challenges lie in breaking age-old traditional practices, navigating bureaucratic channels that shuttle between stakeholders and changing mindsets around functionality in general. Therefore, it is not only essential to develop policies that are up to date but also to incorporate a dynamic structure that can adapt to a changing economic environment. This is important and can be achieved by bringing in experts with different skills who can work together without getting flustered with rapidly changing conditions. Evolution on that front would also come from changing methodologies and focusing more on aspects like active research, stakeholder mapping and engagement. These methods would help in identifying key focus areas and shortlist relevant players by assessing their knowledge, interests, positions, alliances, and importance related to respective policies. This would help give direction to policymakers in changing times while staying aligned to all relevant stakeholders as well as the regulatory and legal ecosystem of the country.  

The first step in this direction is conversation and dialogue. In this endeavour, as facilitators of communication, SPAG Dialogue is organising a series of policy conversations in association with Reputation Today. As the new world order kicks in the aftermath of the COVID induced lockdown, there is an emerging need for policies that define the way businesses in different sectors operate. The coming months will define the way we live with this pandemic and yet maintain business continuity amid an overwhelming technology and digital boom. Issues ranging from digital privacy and security, e-commerce, social media sustainability to financial payment technology and online education, the series will attempt to address the real-time policy vacuum that exists today. The idea is to bring conversations from leading voices across community to listen, understand, learn and gain. The series of online events is all set to begin on Friday, July 24.  

For more conversations around policy issues across sectors, follow Dialogue – The Policy Series.

The views and opinions published here belong to the author and do not necessarily reflect the views and opinions of the publisher.

Aman Gupta

Aman Gupta is the Managing Partner and Founder at SPAG.

A veteran in the field of communications, Aman is recognised as the harbinger of establishing interplay between the Indian communications business and the healthcare, pharmaceutical and life sciences sectors.

His core competencies include Reputation Management, Brand Architecture, Market Entry Strategies, Government Relations and Leadership Media Training.