For ensuring sustainable living and working with ease of doing business by stakeholders in the Indian economy (consumers, producers, distributors, and traders), we need to accept the online environment as new normal created by the covid crisis with changed looks, actions, and words (LAW) in terms of economic policy compound (not a mixture), said Professor M.M. Goel, Vice-Chancellor Starex University and founder of Needonomics School of Thought here today. He was delivering an online address on ‘Needonomics with Needo-finance for Indian Economy’ at the KVG memorial webinar organized by Dr. K Venkatagiri Gowda Memorial Trust at the Indian Institute of World Culture, Bengaluru. Dr.Rekha Jagannath coordinator delivered the welcome address and introduced Vice-Chancellor Prof. M.M. Goel.

For saying no to the socio-economic problems caused by greedonomics (economics of greed) including ‘cobra effect’ of debt (making solutions worsening the problem with unhappy consequences), corruption, terrorism, exploitation, and discrimination, we have to adopt needonomics with Needo-consumption, believes Prof. Goel.

We have to adopt the principle of needonomics with needo-finance for modernizing manufacturing under MSME sector with monetary policy of zero rates of interest with no subsidy ( fiscal policy) and no import of second-hand technology( foreign trade policy), told the needonomist Goel.

For becoming consumer-friendly, we need NAW (need, affordability, and worth) approach of marketing, said Prof. Goel.

For reviving the economy, we as stakeholders have to become street SMART (simple, moral, action-oriented, responsive, and transparent), emphasized Prof. Goel.