Boost Economy Beyond Economics 101

Context: Three main themes: aspirational India; economic development (for all); and a caring, compassionate and humane society will require thinking beyond the basics of economics if goals like inclusive growth, humane society and aspirational India are to be realised.

Steps required to achieve the goals of inclusive growth, humane society and aspirational India:

• Provide political mileage and credibility to steps taken: for post-pandemic recovery.
• For, E.g. just like the PM gave multiple addresses to the nation, chief ministers the respective states should also go through such concerted efforts.
• In almost all states, the task of implementation was done directly by chief ministers; For, E.g. In Rajasthan, a transformative economic advisory council to the chief minister has been formed.
• Tackling the structural issues: Without this, a forced and unsustainable recovery of certain economic metrics might be achieved, but the aspirations of an aspiring India will be compromised.

• Infusing the human element in economic revival: The current mindset related to enterprise and economy, which only focuses on profits, has led to confrontation between enterprise and workers.
• Taking workers concerns into consideration:
•  For, E.g. the ‘one-district, one-product’ plan of the Uttar Pradesh government should also address the various concerns that the workforce in those sectors are facing.
• Some low-hanging fruits include textile and related processes in Lucknow, Varanasi and Farrukhabad, and food processing products in Ayodhya, Kaushambi and Muzaffarnagar.
• Viewing workers as an asset: rather than a cost to the enterprise; simultaneously addresses efficiency issues with other inputs like finance, raw material, plant and machinery.
• This can be done by enabling environment for skill development, knowledge-sharing and technology uptake in an organic way across clusters.
• Improve Ease of doing business: a renewed emphasis on concerns that are non-economic in nature but affect the economics of business needs to be ensured.

• For, E.g. entrepreneurs remain wary of expanding to locations such as UP and Bihar even though they have a huge workforce due to concerns around law and order and regulatory cholesterol.

Conclusion: As a society, we owe it to ourselves that each and every segment of us are treated with dignity and given opportunities to succeed.