Sunday Snippets: Talking economy on New Year
By Venkatesh Raghavan
I and Amir were seated at the corner table of the Irani Café. and over coffee, of course, the topic of our discussion was the new year, but the context was the economy. Our conversation went on somewhat along these lines.
Amir: Many a time I wonder whether we Indians who celebrate a whole lot of New Year during the course of the Georgian 12-month calendar are an anachronistic lot.
Me: Thanks to the host of the New Year our country celebrates, we are able to ensure that the first quarter of each Gregorian calendar stays new. It’s one of the reasons our economy stays buoyant.
Amir: What do you mean buoyant? With a record number of public holidays, we seem to be one of the least productive nations in the global economy.
Me: You fail to understand Amir that when there is a strong demand factor, businesses remain buoyant. With a record number of public holidays and spending occasions, there is high demand for festivity-related goods and materials round the year. A high demand factor again ushers in increased spending thereby providing a stimulus to the industry as well as the banking sector.
Amir: I don’t see any point in people being made to indulge in increased purchases that directly pinch into their own purse strings. Unlike in developed countries, our social security system, too, is run on default settings with individuals having to sort out their own means of sustenance.
Me: You fail to understand Amir. Wherever there is a threat there is also an opportunity to be sighted.
Amir: I am clueless about what you are intending to say. It looks like you favour reckless spending as a motivating factor to achieve a buoyant economy.
Me: On the contrary Amir, I intend to state the exact opposite of what you have concluded.
Amir: How on earth is that meant to be?
Me: Think for yourself, Amir. In fact, the refusal to think is the greatest crime. With enough festivals there to celebrate, a whole lot of ancillary industries will be there to do brisk business with all the festive paraphernalia. For instance, before January 26 and August 15 a whole lot of national flags, Gandhi caps and other costumes will be up for grabs. At least in the northern half of India, a whole lot of colours and sprayers will be available just ahead of our colour festival Holi. This means a lot of goods to be produced and it leads to plenty of jobs to be had and accounts for many livelihoods.
Amir: You seem to be inclined only towards the low-end professionals getting job opportunities. That should not be the case with a big talent pool of skilled youth graduating from various professional academic courses.
Me: Again, you are refusing to think, Amir. If festivity and festivals can create jobs for umpteen numbers, they can also usher in a new generation of entrepreneurs, who instead of scouting for jobs, can set up their own businesses.
Amir: You seem to be suggesting everyone begin their struggle in life from being a pakora wala.
Me: You know it better than me Amir since you run this Irani cafe for donkey years.
Amir: (Chuckles).
