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A sustainable economic revival plan for post-COVID-19 using machine learning approach – a case study in developing economy context

Neeraj Bhanot (CSIR-National Physical Laboratory, Ministry of Science and Technology, Government of India, New Delhi, India)
Jaya Ahuja (School of Management, BML Munjal University, Gurgaon, India)
Humaid Imran Kidwai (Dr BR Ambedkar National Institute of Technology, Jalandhar, India) (SynaptoCrats, Ludhiana, India)
Ankit Nayan (Dr BR Ambedkar National Institute of Technology, Jalandhar, India) (SynaptoCrats, Ludhiana, India)
Rajbir S. Bhatti (Department of International Business and Supply Chain Management, Bissett School of Business, Mount Royal University, Calgary, Canada)

Benchmarking: An International Journal

ISSN: 1463-5771

Article publication date: 11 October 2022

Issue publication date: 6 July 2023

273

Abstract

Purpose

The impact of COVID-19 has caused a recession in economies all over the world. In this context, the current study aims to analyze the prevailing economic scenario using a machine learning approach and suggest sustainable measures to recover the global economy taking the case of Make in India (MII) initiative of developing the economy as a base for the study.

Design/methodology/approach

A well-known topic modeling technique – Latent Dirichlet allocation (LDA) algorithm has been employed to extract useful information characterizing the existing state of selected sectors under the MII initiative alongside catalytic policies that have been implemented for the same. The textual data acts as the base of the study upon which suggestions are provided.

Findings

The findings obtained suggest that digital transformation will play a key role in concerned sectors to optimize the performance of manufacturing organizations. Additionally, inter-relationship between Key Performance Indicators for the economy's revival is crucial for effective utilization of foreign direct investment resources.

Practical implications

The novel efforts to utilize MII initiative as a case present crucial information which can be used by policy makers and various other stakeholders across the globe to enhance decision-making and draft legislation across different sectors to empower the economy.

Originality/value

The study presents a novel approach to utilize the MII initiative by identifying important measures for crucial sectors and associated policies that have been presented by employing a text mining approach which in itself makes it unique in its contribution to research literature.

Keywords

Acknowledgements

Funding: Not applicable

Conflicts of interest: None

Citation

Bhanot, N., Ahuja, J., Kidwai, H.I., Nayan, A. and Bhatti, R.S. (2023), "A sustainable economic revival plan for post-COVID-19 using machine learning approach – a case study in developing economy context", Benchmarking: An International Journal, Vol. 30 No. 6, pp. 1782-1805. https://doi.org/10.1108/BIJ-09-2021-0564

Publisher

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Emerald Publishing Limited

Copyright © 2022, Emerald Publishing Limited

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