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HOW TO REVIVE THE ECONOMY POST COVID-19
Even though the international markets will extend its reach globally, very aggressively with all channels and through all platforms & countries, the governments will leave no stone unturned to get this economic fracture, repaired – one of the key factors to support the economy further would be the neighbourhood communities and our relation with them, be it across the borders or domestic. The unemployment level post the epidemic will grow to a level high as many companies with a small capital base will not be able to retain their employees due to this fracture.
This will improve partially over some months in the cities which have a direct connect to the global financial markets, but if you are a trader in a small town of the country where technology does not play a bigger role and also the competitions hitting the businesses and forcing to wind up – you will be devastated. Loss of jobs will exit economic opportunities and invite social disintegration resulting in the increasing graph of crime, broken marriages, low quality education to the vicinity.
Stopping the withdrawal of easy money from the central banks is just a temporary solution to the problem as in the longer run it will result in more NPA’s and bankruptcy, but will need to be stopped for the time being for sure. The following are the aspects which should be taken in effect by the communities vis a vis the government. The government and the communities should start building more stronger business networks through a culture of soft power – that is the power to attract and by a hand in hand strategy of Inclusive Localism.
For example–take the case of McDonald’s, which employees a large number of the global population or the cricketing leagues in India which offer employment opportunities across the globe. These are nothing but exercises and infrastructure building of soft power through: z Leadership z Community Engagement z Community Empowerment and education z Funding z Infrastructure The way forward for this is a road less travelled but is a thought process for the betterment of the economy in the times to come z WITHDRAWAL OF LAND BANKS: This refers to various land banks of the government which can be developed in internationally recognised hubs with the inclination of investment given to global brands – be it national or international.
For example – in Zagreb when the government wanted to build a metro and faced fund shortage to initiate the project – the government decided to sell a part of its land equity near the geographical location of the metro to an international investor. This resulted a hub being made in that vicinity and finally the entire land value was appreciated. Many places like the the Ganges fronts, the Kolkata water fronts, the Kerela Water fronts, the Jal Mahal Jaipur, Mumbai water front’s etc.
can be dealt the same way. Efforts to develop urban equity in two tier cities should also be practiced so that later those assets can also give a boost to the economy in a similar manner. z CORPORATE BANKING AND FUND RAISERS: The banks can be invited to raise funding for the projects like these from the entire globe – which will ignite the sentiment of banking in a positive manner and give more employment opportunities to the banking sector.
z COLLABORATION WITH GIANT BRANDS: Be it an Indian brand or an International brand – we can invite them to a platform which has 1.3 billion people living in and is one of youngest population of the world. A youth has more spending power and thus a platform like India will attract many giants.
By itself, Disneyland in Hong Kong is gateway of soft power there which attracts tourism, globally. z NATIONALISED PROJECT OFFICES: Under the supervision of the finance ministry, an office space for such projects need to be in place for timely correspondence. An office to ensure that proper coordination is in place between the finance ministry, state ministry, investors and banks – to make sure things are properly initiated.
The above mentioned pointers are some of the few initiatives to generate employment and growth of economy in the country. Times ahead in terms of economy are in a turmoil – but the good thing is, we have a solution to tell the world – INDIA IS COMING!!
The writer is a motivational speaker, visiting faculty to speak on management in various universities by choice and an event manager by profession