To avoid exclusion errors in social safety net, provide direct income transfer universally by pooling some if not all the subsidies: Needonomist Goel

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Professor Dr.M. M. Goel MPhil (Gold Medallist), PhD, PGDJMC (Gold Medallist) Formerly as: Vice-Chancellor, JNU, Jaipur Director, RGNIYD ( Govt. of India) Pro Vice-Chancellor, V K S U (State University), Ara Dean of Colleges & Faculty of Social Sciences, KUK. Chairman, Dept. of Economics & Dept. of Journalism, KUK First ICCR Chair Professor of Indian Economy in South Korea at HUFS, Seoul Ambassador for Peace by Universal Peace Federation Mobile: 09896362620 Email: mmgoel2001@yahoo.co.in 894 Sector 13,Urban Estate, Kurukshetra 136118 (HARYANA)
Patna, (Asian independent) “To avoid exclusion errors in social safety net, we have to provide direct income transfer universally to the tune of at least one percent of the GDP by pooling some if not all the subsidies,” believes former Vice Chancellor  M.M. Goel  professor as Needonomist retired from Kurukshetra University  while addressing  webinar  jointly organised by  Indian Economic Association in collaboration with College of Commerce, Arts and Science, Patna and Economic Association of Bihar. The webinar was on the topic ‘Implications of Covid Crisis on Indian Economy’

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.