 Welcome back to the corporate governance module. In our last session, ladies and gentlemen, we were talking about the elements of public policy and we saw what tends to affect public policy. Today, we are going to look at them with a more fine-tuned approach, we are going to see how the agenda is set, what is policy formulation, what is the policy decision making and then policy implementation followed by policy evaluation. Now, when we look at the agenda building, the public policy agenda consists of those major issues or problems to which officials give serious attention and upon which they feel compelled to act. Not all public issues or problems get enough attention or support to become agenda items, the actions of an interest group may also be put on an issue on the public policy agenda. So, what we see is that depending upon the importance and then its compelling nature, these different agenda items are basically identified for policy formulation. So, if we look at what is happening today, then we see that when COVID started, then they were complete COVID policies which were adopted by the whole country, by all the government institutions and then accordingly, the organizations had to act as per the COVID policy which was enumerated by the federal government. Policy formation occurs when interested groups take a position on public policy issues and issues to persuade others. If consensus amongst the participating groups can be reached, the proposed public policy moves towards the decision stage. So, what we see is that they are different interest groups. For example, the sugar cartel would be looking at the sugar cane policy and also at the sugar mills policy, there could be the wheat cartel, there could be different interest groups. So, all of them have their own interests and they put it up for policy formulation. Policy decision, a policy decision occurs when some arm of the government either authorizes or fails to authorize the course of action. For example, the government may issue an executive order for bidding trade with another country. So, this is very important just like we have seen that the government does not allow wheat to be transported from province to province and that is again a policy decision. Many times the government tends to stop trade with Afghanistan, so that again is a policy decision. The courts and other branch of government may hand down the decision that becomes a precedent for paying claims to victims of train accidents. The policy decision occurs when a law is passed, a regulation is adopted, an executive order is issued or a court opinion is announced. So, again it could be the court and that would become a precedent because that would set the pace for example, claims to victims of train accidents and again we see that the policy decision occurs when a law is either passed, a regulation is adopted, an executive order is issued or a court opinion is announced. Policy implementation, policy implementation occurs when action is taken to enforce a public policy decision. Once a law is accepted or court decision is handed down, business can still wield significant influence in the implementation of the public policy. Businesses have greatly improved their understanding of and participation in the formulation and implementation of public policy. So, again what we see is that when a policy decision taking then the most important part is its implementation and this is where the corporate world or businesses wield a lot of influence because they would react to it and they would ensure that either that policy is implemented or it is not implemented. And then the last component would be policy evaluation. Policy evaluation occurs when the impact of public policy becomes evident. Groups which initially were opposed to policy may take I told you so attitude and try to prove that it has been a bad one from the beginning beginning to the end. For example, economic policies which lead to inflation basically the policy evaluators try to find out whether the benefits have been more than the cost incurred. So, it is like doing a cost benefit analysis and again seeing how that policy has affected the public at large and what are the benefits and what were the consequences of that particular policy. So, ladies and gentlemen we have seen these elements, we have seen that how the agenda setting is done, how is it basically planned and rolled out, what is the policy decision, what are the implementation issues and then the policy evaluation to see its efficacy, to see its optimization, its maximization and also to see how it has affected business at large and the general public. So, these are what public policies are and how through public policies we can either promote particular issues and dimensions or we can have some unintended implications emerging from that particular public policy. Thank you so much. Thank you. Thank you.