Economics is concerned with what emerges, not what anyone intended.

Economics is a social science that examines and scrutinize how people opt among the alternatives available to them. Resources and opportunities to balance. It is social because it involves people and their behavior. It is a science because it uses, as much as possible, a scientific approach in its investigation of choices. Economics concentration is offcourse on revenue generation ideas but keeping in mind the people's involvement and outcomes anticipation. 

Taking a instance of GST, how it has really impacted the Bharat? As GST evolved and started gaining stability in the last 5 years, the government, taxpayers and tax administrators have been proactively working closely to remove the hurdles, which is inevitable for the massive transformative exercise of redrawing the country’s indirect tax horizon. Emboldened by the experiences of half a decade, the remaining gaps between the expectation and progress so far, can be addressed to further simplify the tax structure, enhance the Ease of Doing Business index ranking, increase compliance and an overall reduction in tax rates and prices and augment revenue.

Similarly, our annual Budget presents the economic expenditure and revenue generation policies for the entire upcoming year, but annual GDP and per capita income are the absolute indicators to express how well nations economic growth is. Projections by IMF and World Bank about India's economic growth for the year 2023-24 was 7-8% while in actual it is 8.2% .

The concept of 'performativity' was introduced in economic sociology by Michel Callon (1998) to suggest that “economics does not describe an existing external 'economy', but brings that economy into being: economics performs the economy, creating the phenomena it describes

Why performativity in Economics matters ?

Outcomes and results are always crucial and if efforts are genuine certainly former can be attained. It is utmost important to measure the performance in economics to evaluate it's effectiveness. Economic performance of firms and countries is assessed by looking at long term outcomes, such as sustainable growth and development, or short term outcomes, such as how long an economy takes to stabilise after a sudden and unpredictable event. Economic performance is important because it indicates if an economy is prospering or not. It measures the degree to which a government achieves its economic policy objectives. 

What are economic performance indicators?

An economic indicator is a macroeconomic measurement used by analysts to understand current and future economic activity and opportunity. The most widely-used economic indicators come from data released by the government and non-profit organizations or universities.The main economic performance indicators are economic growth, employment and unemployment, inflation and deflation, and balance of payments.

Inflation is one of the important indicator?

The most well-known indicator of inflation is the Consumer Price Index (CPI), which measures the percentage change in the price of a basket of goods and services consumed by households. Inflation states whether the increase/decrease in average prices is not too high/low and whether a decrease/increase in the purchasing power of money is too low/high.Inflation is a sustained rise in overall price levels. Moderate inflation is associated with economic growth, while high inflation can signal an overheated economy. If economic growth accelerates very rapidly, demand grows even faster and producers raise prices continually.

Performative economy elevates quality of living?

There is a positive relationship between living standards and economic performance as the living standards generally improve with higher economic performance. Often, but not necessarily, aggregate gains in production correlate with increased average marginal productivity. That leads to an increase in incomes, inspiring consumers to open up their wallets and buy more and driving a higher material quality of life and standard of living. 

As Winton Churchill remarked ‘success is not final, failure is not fatal; it is the courage to continue that counts!’