Revival of the Indian Economic System during and Post COVID-19 Pandemic
The much-awaited announcement on reviving the disrupted economic system from the Prime Minister has come to the relief of the entire nation. The size of the package being equivalent to 10% of India’s GDP indicates both significance and relevance.
The bigger question is, is the nation capable to use this package efficiently and effectively through individuals and institutions? Do the individuals and institutions who matter in developing the economic system have the necessary competence and value-based-foresight to use the stimulus package?
My answer is yes and no. Yes, because we have a structurally strong legislature, executive, judiciary, press and entrepreneurial ecosystem. No, because, despite structurally strong legislature, executive, judiciary, press and entrepreneurial ecosystem, there is poor governance at the points of value creation. By points of value creation, I mean places where basic production and commerce take place.
If we wish to see a vibrant economic system, individuals and institutions need to contribute to radically improving governance, particularly at local level. This would mean a great responsibility for the state, district and local-government administration to redefine governance and zero tolerance for the disruptors. These disruptors can be officials with positions of authority and those who are responsible for placing these officials.
Effective use of social media to expose these disruptors of governance; strong trade associations at local levels; and effective use of information technology can be keys to maintain appropriate governance mechanism in place and boost economic activities.