-Propounder of Needonomics School of Thought gave formula to stop conversion of middle-class to the poor
-Dr Goel was speaking at the Special Foundation Course- 98 for IPS, IFS, IRS, IAS & Allied Services in HIPA
Gurugram, Oct.26 : For stopping the conversion of middle-class to the poor, there is a strong case for keeping control over CPI-based inflation with its proper measurement, believes Prof. M. M. Goel, Former Vice-Chancellor known as Propounder Needonomics School of Thought superannuated from Department of Economics, Kurukshetra University. He was speaking at the Special Foundation Course- 98 for IPS, IFS, IRS, IAS & Allied Services organized by the Haryana Institute of Public Administration (HIPA) today. He delivered three lectures on the topics including Needo-measurement of Inflation in India,” “Indian Fiscal Policy with special reference to Union Budget 2023-24 ” and Current Indian Thinking based on Needonomics School of Thought”.
There is no logic in taxing additional dearness allowance (ADA) to government employees twice a year which is compensation for inflation, said Prof. Goel.
Inflation in India is a well-known location-specific economic problem with social implications for various categories of consumers’ most notably the middle class and calls for an alternative methodology to calculate the inflation rate by comparing with the previous month ( not point-to-point basis methodology giving monthly data on inflation which is an annual rate of inflation and not monthly data) with an updated basket of goods, explained Prof. Goel
Tax on pensions is unfair as it is for the maintenance and survival of the senior citizens not to be treated as income, believes Prof. Goel.
Union Budget 2023-24 conceals more than reveals the intentions in terms of seven priorities as the ‘Saptarishi’ guiding us through the Amrit Kaal including inclusive development for careless and useless, told Prof. Goel.
We have to understand and adopt the principle of Needonomics in totality which includes needo-consumption, needo-saving, needo-production, needo-investment, needo-distribution, altruism, needo-trade for glocalization ( think globally and act locally), explained Prof. Goel.