In the second part of my musings on
Resilience, I had cited Insurance mechanism as an example as to how an
individual or a business enterprise can build up financial resilience capacity in
the aftermath of any crisis or shocks.
This had evoked many responses from readers . They voiced their issues
faced with Insurance companies as regards their Life or Health Insurance
policies and claims.
[Some have suggested that there is an
urgent need for disseminating Insurance knowledge and clear the doubts and
misperceptions of public on Insurance products, Claims and related issues. I intend to take up this need soon in a separate blogspace.]
Digital
Technology and Economic Resilience
My thoughts on Resilience wandered
into Economic and Societal Resilience in these times of Global Crisis. Coincidentally or so, I am seeing all round
discussions on -Restart – Rethink –
Reshape – Reimagine – as many paths leading to Resilience.
Technology has taken the priority tool
or approach in all aspects of work and life.
I was asking those who were working from Home (WFH). For many meant meetings, discussions,
Presentations via any of the Video chat applications throughout the day; the
remaining time being spent on replying to emails. On the home front, Online orders of
Vegetables, Groceries, Medicines and what not…. affordable families have
adapted to this new way of dealing with their essential and non-essential
consumptions. Other have curtailed their consumptions to make both ends meet.
Microsoft, in their front-page
advertisement in Times of India yesterday had a slogan “Let’s build resilience”
and highlighted several digital technology solutions.
“Students and
Teachers are meeting in virtual classrooms, doctors are tele-consulting
patients, business deals are being closed over video calls and virtual agents
are providing customer support”
Four of the digital and technology
solutions in the front on economic resilience (highlighted by Microsoft Advt.,)
are worth mentioning here Cloud migration to rapidly scale up
operations, Rapid adaptation of automation, Remote but connected team of
employees, and retrained work force with digital capabilities.
Social inequality
and Resilience:
Social inequality has its impact on
stability and resilience of economies and societies. Former US President Barack Obama had stated that
rising “Social inequality” is one of the “defining issues” of our times. Pandemic Covid has amply showcased this “income
and wealth inequality” in every country, with associated cascading impact on
all economic activities, employment and on business viability. Inadequate
primary and secondary Health care infrastructure is the root cause of still
uncontrolled spread of the virus. Even
available healthcare infrastructure is not easily affordable.
Almost all the Governments have addressed
Covid 19 crisis by Lockdowns and
curtailment of movement within the country as well as outside, announced
economic stimulus measures and freebies. These efforts, continuing, are found
to be insufficient.
Need for Synergic
efforts
There is an urgent need “synergy” of
efforts being made by individuals(families), businesses and Governments.
As the “micro unit”, an individual’s resilience capacity to any
crisis situation, incident, or event he faces in his income earning
capabilities, is directly linked to “income and wealth inequality”. This is true for Business and Commercial
enterprises as well. Private and Public Financial institutions should
continuously make all round efforts to enhance ‘financial literacy’ of
individuals and families.
Legislators and Policy makers should
frame programmes to holistically address various steps to build Economic and
Societal Resilience capacities.
Directive principles of State policy
in Indian Constitution directs the
Government and Policy makers to make laws and regulations
..….to secure the right of all men and women to an adequate
means of livelihood; …….ensure that
operation of economic system does not result in concentration of wealth, …….to
secure to workers a living wage, humane conditions of work, a decent standard
of life…
India
need to enhance its Policy framework to provide for subsidy or allowances to
individuals and families during any livelihood threatening economic
crisis. . In Governance, this “right to
livelihood” issue must move to centre stage to build Societal and Economic resilience capacity.
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