The blow of recession can be softened with reviving demand of non-essential items by the middle class who require reduction in personal income tax, said Professor Goel.
The government should restore the purchasing power of the employees as consumers by paying the dearness allowance which stands freeze and is not justified as is a measure of compensation for inflation, said Professor Goel.
For economic revival and survival, we have to understand, analyze, interpret and implement Atamnirbhar Bharat Abiyan by adopting needonomics ( economics of needs) with street smart Indians to ensure their participation as consumers, producers, distributor and traders, believes Professor Goel.
Professor Goel foresee the crisis of covid bigger than expected difficult to quantify but observed implications in terms of recession, bankruptcies, unemployment, underemployment, farmers’ suicides, white-collar crimes, terrorism, exploitation, discriminations, deprivations and discontent among the stakeholders as the challenges for Indian economy.
To escape the debt trap for farmers of huge dimension, we have to understand ‘Cobra effect’ making solutions worsening the problem (unhappy consequences) and replace fear with fearlessness and work without worries, told optimist Goel.
