06 May, 2020
- New Economic Model (Economy) (Problems in the present economic model)
- Steps to Boost Economic Growth : Abhijit Banerjee (Economy) (Measures to deal with Economic crisis caused by COVID-19 Pandemic)
- Status of casual labors A. Classification of workers - NSO (Social Justice) (Steps to improve status of workers in India )
- Question for the day
Pathways to more resilient economy
Understand the fundamental flaws in our Economic Model and how to address these flaws
- The COVID-19 has served as a wakeup call for the global community. It has exposed certain fundamental flaws in the basic tenets of economics which have dominated the Public policy for the past 50 years. Hence, we must turn this crisis into opportunity and try to find problems with the current model of economic development. Going forward, we need to view the COVID-19 in a historical context in order to avoid repeating past mistakes and accordingly plan for the future.
- In this regard, let us understand the fundamental flaws in our Economic Model and how to address these flaws by devising a new economic model which is more sustainable, fair, equitable, healthy, and resilient.
- we will try to understand broad contours of new economic model
- Importance of Borders
- Challenged Laissez- Faire economy
- Treating Human being as Citizens and not as Consumers
- Focus on Collaboration rather than Competition
- Public ownership of Intellectual Property
- Way forward
India needs a big stimulus package: Abhijit Banerjee
Understanding some of the suggestions given by Nobel laureate Abhijit Banerjee to deal with the situation.
- This article is based upon the recent interaction between Nobel laureate and eminent economist Abhijit Banerjee and former Congress president Rahul Gandhi on the economic situation during the pandemic.
- Let us understand some of the suggestions given by Nobel laureate Abhijit Banerjee to deal with the situation.
- Problems with Government's Package
- Insufficient benefits under Package
- Lack of Benefit for the Migrant Workers
- What should be done to deal with the COVID-19 Pandemic?
- Higher Fiscal Stimulus Package
- Direct Cash Transfers
- Involvement of Community
- Provision of Food
- Waiving off Debt
Boost wages to stimulate India’s growth
Issues and solutions for migrant labours during lockdown.
- The COVID-19 has exposed the problems faced by the migrant population. Most of the migrants belong to the category of the casual workers and do not have access to social security schemes such as Insurance, Pension scheme. Further, the casual workers work for long hours under exploitative conditions.
- The overall consumption among this section of India's population is also lower. For instance, according to the official consumption-expenditure surveys (for 2011-12), the richest 5% accounted for as much as 64.4% of the value of overall consumption of durable in urban India. The share of the poorest 50% was only 13.4%.
- What could be reason for the poor status of Casual workers?
- What should be done?
- Different categories of workers
- Important Observations: