22 JAN,2024 | MEDC
In today’s world of uncertainty, the global economy is at a turning point. The key challenges now facing humanity include climate change, employment generation, inflation control, inequality, and the quest for a healthier form of globalization. Failure on any one of these fronts could compromise the others as well. To address each of these major socioeconomic concerns, we have to be prepared for the unexpected and leave behind conventional modes of thinking. We must also recognize that these efforts will be necessarily experimental and globally uncoordinated.
One of the most daunting socioeconomic challenges, and for India in particular, is climate change. There is now no option to decarbonizing the economy, and doing it rapidly. Gradually eliminating fossil fuels, developing green alternatives, and fortifying our defences against the environmental damages that past inaction has already caused have to be high on the policy priority list. A lot has been written about it by social scientists, but unless the political will to do something about it is garnered, we risk going back to square one. This is also an area where the local approach matters just as much as the global one.
Climate change will necessarily have a messy global agenda, as there will be a hodge-podge of emission caps, fiscal incentives, technological support, and green industrial policies with little international coherence and occasional tangential costs for other countries and regions. But there is no choice – if this is the only way any kind of progress can be made, then so be it.
What climate change is to our physical environment, inequality is to our socioeconomic environment. An erosion of the middle-class (and its concomitant values) as well as rising labour-market polarization all over the world today are key issues of concern that policy needs to urgently address. Failure to do so will impact growth and social stability. The consequences are now seen widely and globally. Economic, regional and cultural disparities within countries are widening and this is increasingly leading to support for radical forms of government, who often put a scientific temper and technical expertise on the backseat in favour of protectionism and parochialism. This is an attitude that the world cannot afford, but, it is, unfortunately, becoming increasingly prevalent.
Globalization itself needs to be reinvented. As the world shifts its policy priorities, national economic advisers must be open to lateral thinking, and empathize if government acts in ways that do not confirm to conventional advice. Western values are becoming increasingly alienated from those of the rest of the world. No longer fit for producing results, globalization as we know it will need to be replaced by a new understanding that rebalances social justice, and the requirements of a healthy global economy that facilitates international trade and investment. It these challenges necessitate the creation of a new framework or reframing existing issues, then doing so is imperative.
Photo Credit- Google
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Interactive Meeting with Mr. Jaykumar Rawal Hon'ble Minister for Tourism & Employment Guarantee Scheme Govt. of Maharashtra