An Idea of Insufficiency

For a long period the aggregate consumption of economy is badly hit due to gradual fall of earnings of individual. And ineptly general price level is shooting up. The economics of today hit its own fundamental. It may have two implications – firstly, specific class consumption keep hold of the existing supply irrespective of higher prices or secondly the minimum need of survival push marginal class to negotiate with their meagre nutrition desire. With reference to the first point the social class which are still guaranteed by a secured monthly income contributing well to the consumption figure of the economy and also the high paid income class which is bearing with salary cut not at all in condition to negotiate with the necessary demand but may curtail luxuries and spending on speculation to an extent. For the second category a more stay on the ‘caravan of crisis’, beyond poverty absolute will cause a dejected level of malnutrition in society. On ground of survival it is more than death of causes which since independence are predominant despite policy initiatives.  
With an effort to get it back to the normal course along with unlocking productivity vitals it is more imperative to widen scope of income generation for the marginal class which are starving inexorably. Availability of resources more than the necessity may be subject to wastage but at this hand to mouth situation the multiplier value of asset creation will be higher. Though the state of affairs ceases to less bargain scope with working class and needs care of minimum wage rule under strict administrative control. A day and night work is highly required from the highest authority as well as all decentralised cubicles to monitor socio-economic mess now. It is now an essential policy obligation to keep abreast of administrative functioning at all levels. To sustain with our resources without fail may mean best achievement in the post-pandemic scenario. Apart, it is also worth mentioning that the effort of correcting the plunging GDP figure by picking up the pace of industrial activity may not produce well if demand side not taken in proper pursuit. Industrial production and rejuvenated demand obviously backed by real purchasing capacity both are necessary to keep the call of sustainability alive. So the right management of a single penny is obligatory for both governments and people. A mistake by a chance will be a basis of bigger liability in near future. The time to a great extent needs an austerity measure. Beyond absolute economic concept some social and political events will also enhance the economic dimension.  
Festival Economy: With the gradual unlocking of facilities, the Bengal is bracing for biggest festival ‘Durgotsav’. More than a festival it’s a celebration of coming back to life. Ignoring all realities, the heart seems to be humming. The festival has two economies, one of heart and the other of society. After a long quarantined life the ‘Durgotsav’ will add fresh air to the livelihood. Even if it is little, some work will be available for cottage industry. It is a generous side of a stalled economy. And more scope will gradually opened up at times as Bengalis celebrate thirteen festivals in twelve months.
Election Economy:  Election is a biggest democratic process for populous countries like us. Five Indian states Kerala, Assam, Puducherry, Tamil Nadu and West Bengal are gearing up for upcoming Assembly election in 2021. And as usual a big amount of money will enter market through advertisements, campaigns etc. I think expenditure on election process is not wastage of money until and unless it is being used to lure supports in favour without healing touch of market mechanism. In our plural party system most of leading parties which are running governments have more capacity to spend. And it is a point of comfort as they are already shouldering the responsibility of running governments as well as welfare of people so less chance of unprofessional conduct of fund is there. In such a crisis period funding for poll process will be add on to m-cap I think.
It is time demanded to utilise all small piece of happening to materialise in a judicious way to unfold an optimal for the economy as well as society. This motive if coupled with a habit of austerity the objective of sustainability will surely be fulfilled. And in the post-pandemic situation we will remain ready enough for a take-off. Insufficiency makes life cohesive – it will be proved again.                                    

 

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