Covid 19 : Need for New World Economic Order

Dr R D Mishra

Dr R D Mishra from Greater Noida 

The global economic landscape will undergo major changes after COVID-19, which has taken a toll of more than 1.75 lakh precious human life across Globe. India is no exception where more than 600 deaths have taken place, so far and more than 18000 struggling with life apart from economic loss of minimum ten trillion $ Globally.  The way, China is concealing facts about the spread of Corona virus, the World is forced to believe that this is the deliberate or negligent act of China, which has put mankind in to danger. The role of World Health Organisation should also be thoroughly enquired by Inter Government agency to find out the truth. 

All this has forced us to think that we need to develop a New World Economic order in which our dependency on China, as major manufacturing hub, supply of raw material, or Supply Chain, has to be reduced and has to be tapered off 60 to 70 % within a span of 7 to 10 years. This has already started, as Japan and South korea have already decided to move out of China. Other Countries sooner or later follow suit. Rest of the World is capable of making a World New Economic Order, as you name any resources, either Manpower, raw material etc are in abundance. For example India which is not only Greatest Democracy & one of the fastest growing Economy, has got highest nos of qualified and non qualified manpower in the world. India has got sufficient amount of any raw material one can name, in the world .India is the second largest producer of Steel & cement,  third largest producer of Coal, fourth largest producer of Iron & Ore, is also 55 % of Global service providers in the world. All these will put India in a Competitive advantage to become the major manufacturing hub of the world. Recently our Prime Minister has already expressed that India will soon be the Greatest supply Chain hub in the World. After COVID, we need to pay attention in the following areas

  1. Improving Medical services; In the present crisis of COVID, our Medical fraternity did a commendable job in taking care of people, but we faced shortage of tasting labs, Ventilators, PPE etc Though we supplied many countries medicine which was appreciated by World Community. Presently we are only spending 1.28% of our GDP, on Health care,which is very less in comparison to USA 17.7 % Japan 12.5%,  UK 9.6 %, Brazil 4.4% etc. We need to increase the share at least to 4.5%. Moreover whatever budget we allocate should be properly  utilised. We should emphasise more on the efforts of prevention of decease like, tasting labs, Vaccination etc. than cure.  The role of Ministry of Ayush should be reviewed. Our Primary Health Centre (PHC) & secondary Health Care Centres  should be strengthened. We should promote traditional system of treatment like Ayurveda, Siddha medicine, naturopath, Yoga etc.
  1. Promoting Integrated Industrial Manufacturing Hub; Introduction of export processing zones (EPZ) in Kandla, Gujarat during 1965, with the objective to bring foreign investments which failed to make an impact.  By 2005, all EPZs had been converted to Special Economic Zones (SEZs) which is a copycat of Chinese model of SEZ. The Ministry of Commerce and Industry data show that 230 out of the 373 Special Economic Zones (SEZs) in India are operational that too all are not productive. Now we need to have Integrated Industrial Manufacturing Hub where we can provide Excellence in Manufacturing facility of all type for International requirement. 
  1. Promoting Research work; In spite of having 789 universities, 126 deemed Universities, 336 Private Universities and 37,204 colleges our research work has not made any good progress, this is due to the fact our quality of education is not up to the mark, need a look. Endless nos of Private Universities and colleges have become a commercial entity and churning out doctorates, Post Graduates and Graduates. These Universities and colleges have failed in fulfilling  public expectations. One of the factor of Chinese Economic growth is the contribution from Chinese  universities, which produces maximum nos of research paper in the World. The role & responsibilities of AICTE and UGC should be reviewed.
  1. Creating a Climate of Positive Work Culture; The success of Asian Tiger economy is the dedicated Work Culture, which we need to develop with more letter & Sprit. We have taken for granted some loopholes in our present system, like lack of accountability, manipulation of rule and ineffective performance appraisal system.etc Even the Coveted Maharani & Navaratna CPU there is a scope for improvement.

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In fact by this transformation we shall be able to attract the World to come to us and work as partner for the Economic growth all around, which is the need of hour. Even most of the developed counties like, USA, UK, Germany, France, japan must be developing strategy as to how to reduce dependency on China. This way, we will see within a decade a new World Economic Order, which will be for the benefit of mankind.

Dr.R.D.Mishra is Director, Greater Noida Productivity Council, Uttar Pradesh , India 


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