Adopt the strategy of needonomics to become an engine of growth for the sustainable global economy in the post-pandemic era: VC Starex University M.M. Goel

New Delhi: People getting tested during the Case increase of Coronavirus at India Gate in New Delhi.
Chandigarh, (Samajweekly)  “To become an engine of growth for the sustainable global economy in the post-pandemic era, we have to adopt the strategy of needonomics with NAW( need, affordability and worth) approach of marketing in India,” said Professor M.M. Goel, Vice-Chancellor Starex University and founder of Needonomics School of Thought here today. He was delivering the online inaugural address of the 7 Days FDP from July 14 to 20,2021 on “Needonomics for Revival of Economy in Post Pandemic Era” under RUSA grant organised by HRDC Punjab University Chandigarh. Professor S.K. Tomar Director delivered the welcome address and introduced Vice-Chancellor Prof. M.M. Goel.

The future requirement in post covid era based on ‘Needonomics’ deserve priority over and above ‘greedonomics’ for protecting the environment by imbibing the lessons from Gita, told Goel.

We have to enhance the quality of life with needo-consumption and utilize the natural resources efficiently by keeping the environment clean for protecting the economy from behavioural pollution, believes the needonomist Goel.

We have to address the illness in the behaviour of all the stakeholders in the economy including consumers, producers, distributors, traders, policymakers and politicians, told Prof. Goel.

To work without worries for Atamnirbhar Bharat, we have to be soul-conscious as the real education needed today in addition to proper, productive and practical (3P) use of head, heart and hands (3H), told Prof. Goel.

Free rider problem inbuilt in the economy calls for effective implementation of the user pay principle as a component of needonomics, told Prof. Goel

We have to adopt the principle of needonomics with needo-finance for modernising manufacturing under MSME sector with monetary policy of zero rates of interest with no subsidy ( fiscal policy) and no import of second-hand technology( foreign trade policy), told the needonomist Goel.

For reviving the economy, we as stakeholders have to become street SMART (simple, moral, action-oriented, responsive and transparent), emphasized Prof. Goel.

We need to accept the online environment as new normal created by the covid crisis with changed looks, actions and words (LAW) in terms of economic policy compound (not a mixture), told needonomist Goel

For saying no to the socio-economic problems caused by greed including the ‘cobra effect’ of debt (making solutions worsening the problem with unhappy consequences), corruption, terrorism, exploitation and discrimination, we have to adopt needonomics with Needo-consumption, believes Prof. Goel.

There is a need for policy implication oriented research and not only t – value significance at 95 per cent level of significance with many disconnections between environment and socio-economic development, told Prof. Goel.