Needonomics provides insurance to the Indians for their atmanirbharta as based on the logo of LIC of India ‘Yogakshemam Vahamyaham’(Your welfare is our responsibility),” opined former Vice-Chancellor Professor M.M. Goel, presently Advisor Public Finance 6th State Finance Commission Haryana.  He was addressing on Sunday online in the refresher course of economics organised by UGC-HRDC Kumaun University Nainital (Uttarakhand) today on the topics “Needonomics for Revival of  Indian Economy in Post Pandemic Era” and “Economics of Union Budget 2021-22” . Professor  Divya Joshi Director HRDC delivered a welcome address and presented a citation on the achievements of Prof. Goel.

The provisions in the union budget 2021-22 for atmanirbharta in 13 sectors are not sufficient and calls for needoeducation of the stakeholders including consumers, producers, distributor, traders and politicians in power and opposition, believes Prof. Goel.

We require moral teachings of altruism with warm-heartedness as a rational lifestyle based on the principle of needonomics, told Prof. Goel

 We have to create faith in the fundamentals of the Indian economy by adopting user pay principle so that the hopes of the stakeholders are not bellied, said Prof. Goel.

To obtain atmanirbharta, we need the REACH  model consisting of five steps including reading Gita, empowerment with enlightenment, altruistic approach, commitment and holding needs, believes, Needonomist Goel.

The economy can be made consumer-friendly by adopting NAW (Need, Affordability and Worth) approach of marketing with a focus on the need-based priorities in choices of all kinds, explained Prof. Goel.

He said that atmanirbharta is a necessary and sufficient condition for sustainable development of an economy and its people by keeping a check on greed which is a villain for all.

Atmanirbharta calls for street smart Indians as consumers, producers, distributors and traders, told needonomist Goel.

We have to learn best practices from other nations including ‘palli palli’ (hurry up and be quick) culture of South Korea and adopt the prognosis approach, explained Prof. Goel.

We have to adopt secrets of investment in Vedic wisdom of four ashrams ( stages of life) with financial planning which bring fearlessness and happiness by adopting economics of needs, told Prof. Goel.

Atmanirbharta calls for loans on zero rate of interest under the monetary policy and zero subsidies under the fiscal policy for implementation of manufacturing policy with export orientation, told Prof. Goel.