The consumer no more works on the basic
economic assumption of rationality. Under the influence of psychological and social factors,
the consumer desires to conform to societal norms. The consumer does not only consume the
good for its intrinsic value but also to climb up the virtual social ladder.
The unfortunate reality is we have to choose between life and education because of unaccountable governance at multiple levels. When the numbers of COVID in our rural demographics were not significant, school remained closed because we do not have decentralized decision making
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It’s time for the nation to apply the lessons from its unexpected achievements in the past to ignite a health revolution for a bright future. It’s time for the nation to sit back and re-evaluate what is lost and what could have been saved. It’s time for the nation to not settle but instead, move on to a better normal.
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Focusing on institutionalising loan restructuring for MSMEs could ameliorate the structural long-run issue of high defaults. Further, apart from all this supply side facilitation, the government must start thinking about the demand side of the economy since its deceleration has been at the core of the chronic economic slowdown, which has certainly impacted the MSMEs adversely.
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A recent study by LSE found that 52% of urban workers went without work or pay and received no financial assistance for over a month. Bihar’s emergency assistance programme has been cited as a rare example of sub-national government’s efforts to identify, onboard and disburse payments to the migrants during the ongoing pandemic.
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In the past few years it is apparent that only the Indian IT/ITES industry has been able to learn, catch-up, develop, and successfully accesses global technological standards. Although the same cannot be said for our product market industry where innovation is far away from making a global footprint.
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However, a lot more goes behind the inner workings of a buffet system than just our sense of consumption according to our sense of value rather than appetite. The law of diminishing marginal utility is at the center of the whole business model.
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While it might be nearly impossible for the vaccine shortage to end in the near term, being smart and strategic about the existing stock can reduce mortality and other complications while facilitating the functioning of the economy thereby saving occupations and livelihoods.
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According to the data of the Centre for Disease Control in the United States, approximately 25 percent deaths in India have constituted the fifty-five and above age group. The worrying factor is that their mortality and morbidity are not dependent solely on the direct effects of the virus, but also on measures like social distancing, travel restrictions, and self-isolation that have a disproportionate effect on healthcare access.
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With the eventual closing down of roadside tea stalls, eateries, and restaurants, a share of about 15% of total milk consumption had arrived to a complete halt.
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