• UID Admissions 2024-25 NRI/NRI Spons./ Management Category Application Window is open now! Click Here to apply- Call 9266663225 to know more.
  • UID Admissions 2024-25 General Category Application Window is open only for BFA/BFA (Hons.) and BSc./BSc.(Hons.) Filmmaking Click Here to apply- Call 9266663225 to know more.
  • KUAT (Karnavati University Admission Test) Admissions 2024-25 Application Window Open Click Here to Apply- To know more call 9667048555. KUAT Examination Date-6th April,2024 (Saturday)
  • MBA 2024 Admissions open Click Here to Apply - call - 7574811135 / 7227035143.
  • B.Tech 2024 Admissions Open. Click Here to Apply- Call +91 7574811135
  • KU Admissions FEE Payment Click Here
  • Karnavati University invites applications for teaching positions Click here for details

KUAT 2022-23 Admissions Open Now! Click here to apply +91 9667048555

Announcement Admission
blank
blank

Sustainable Economy Post Covid: Need of a long-term Strategy

October 21, 2020

If we think about the experience of the past few months, the economic recovery is going to be a distant dream. Rebuilding in India needs time and money. The world economy is in downturn and it is predicted to be more destructive and disappointing than the Great depression of 1929 and the global economic crisis of 2007.In India, millions of the people have lost their jobs, and the economy is projected to fall down by 4% in 2020-21. The last time there was a contrast in the Indian economy of more than 5% was in 1979 when the entire country was devastated by a once in a century drought and floods. A significant feature of the present economic calamity is the unparalleled fiscal and monetary stimulus packages being rolled out by the governments to provide relief and revive the economy. According to the International Monetary Fund(IMF), the total stimulus package for G20 countries are an average of 12 % of GDP. India too has announced a stimulus package worth 10% of GDP.A cursory analysis of the stimulus packages shows that they are mostly targeted to recuperate the current economy. In fact, barely   any country has thought about the long-term transition. In India, too has, the focus is on the existing ‘brown economy’ and shovel-ready projects. The attention on the immediate crisis has also relegate climate and environmental concerns to the background. This is evident in the increasing plastic pollution and investments in the fossil fuel industry. Regulatory changes in the environment and labour sectors have also been proposed for the ese of doing business. While there is nothing wrong in short-term stimulus packages to keep the current economy alive, they must not be environmentally destructive. On the other hand, we also have to ensure that the long-term economic recovery takes into account the social and environmental crisis the world is facing today. In other words, we must differentiate between a short-term stimulus to jumpstart an economy and a longer-term strategy to transition to a sustainable society. While the former mostly requires fiscal and monetary support, the latter requires long-term investments and serious pricing and policy reforms. The current economic crisis gives a lifetime opportunity to roll out a long-term strategy along with stimulus packages in core sectors. Firstly, to make agriculture sustainable: agriculture is central to building a sustainable society. Secondly, transform the energy sector: We are at a point of change in the energy sector. With stimulus and R&D, we can shape a new energy architecture based on renewable electricity, battery storage, smart grids and hydrogen fuel for industries. Thirdly, build resilient infrastructure: Massive amount of money will be spent by the government to build roads, airports, buildings etc. as part of the stimulus package. We must make them green Instead of roads, we should priorities railways; instead of concrete jungles, we must build sustainable cities. Fourthly, invests in nature: reversing deforestation and desertification and enhancing soil, wetlands and forests will build resilience against climate change and also provide massive livelihood opportunities. Fifthly, support local and small business: For jobs, sustainability and resilience of the supply chain, local small business are going to be the key. Government policies must support the development of efficient and green small business. And the last but not least, invest in social capital and governance: None of the above would be possible without an educated and healthy society and good governance. If the Government want to push the country in the elite group of the developed countries, the above mentioned steps are necessary to take. Actually, these are the  need of the time.

Author:
Dr. Sanjay Kumar Pandey, Associate Professor & Director - CCJR, Unitedworld School of Law (UWSL)

Disclaimer: The opinions / views expressed in this article are solely of the author in his / her individual capacity. They do not purport to reflect the opinions and/or views of the College and/or University or its members.

Related Blogs

Benefits of Taking Graphic Design Courses
February 15, 2024

In today’s digital age, graphic design is essential for effective communication. Graphic design courses provide the skills needed to excel in this dynamic field, from mastering design principles to learning industry-standard software. At Karnavati University, our courses offer hands-on learning, industry insights, and opportunities to build a strong portfolio. Whether you aspire to design captivating […]

Read More
Interior Design Careers: What’s it Like to Work in Industrial Design?
February 12, 2024

Interior design is a tapestry of the creative front that is incorporated to transform into a living artwork using its functionality. This functional and aesthetically pleasing design course has various niches within it, and selecting among them could be a daunting task when making relevant career choices. One such field is industrial design, which stands […]

Read More
Product Design & Development: A Complete 2024 Guide
January 22, 2024

When creating a product, the two essential elements necessary are design and development. After conducting extensive research on the distinction between product design and development, we have identified the key differences between the two. In addition to identifying these disparities, we will understand the collaborative dynamics of these two factors in conceptualizing the product and […]

Read More
icon