The recent Oxfam report shows that our inequality is widening. How can we harmonise our economy in such a reality? How can business persons and farmers market their produce if the purchasing power of the masses gets reduced? Even a machine cannot work if there is a conflict among its parts, let alone a state or a society.
We need to become a truly labour and farmer friendly economy to achieve healthy inclusive growth and human development. First of all, we need to empower our small farmers with the help of land reforms. Moreover, our banking sector must have a paradigm shift in their policy to replace NPA – generating macro – credits by micro – loans for farming, cottage and small enterprises that mainly contribute to current livelihoods in our country. It will generate more employment and thus boost the market by enhancing the purchasing power of the masses.
We must create, so to speak, an employment – bridge by which our farmers can take excess food to hungry mouths and thus address the prolems of agricultural overproduction and food wastage in the land of hunger where 48.2 million children have stunted growth as a result of malnutrition due to lack of food. That bridge can only be built with the help of labour intensive technology, land reforms and micro loans. This trident can indeed banish poverty and make India a strong and happy country.
Sujit De, Kolkata