
As we celebrate the 76th Republic Day on January 26, 2025, the nation stands at a pivotal juncture to chart its course toward becoming a Viksit Bharat by 2047. The Needonomics School of Thought emerges as a transformative philosophy for sustainable economic progress. By aligning entrepreneurship with societal needs, particularly in the service sector, Needonomics envisions inclusive growth and “Needo-happiness” for all, including the vital middle class. To preserve and enhance democratic values, we must balance our rights and duties, avoiding blame games and fostering accountability through logic, rationale (vivek), and a sense of responsibility.
Drawing inspiration from the freedom of birds, which transcend the boundaries we create, Bharat must embrace unity, transcending divisions of region, caste, and creed. Entrepreneurship, guided by the principles of Needonomics, becomes the driving force for this transformation.
Needonomics: A Paradigm for Balanced Progress
Rooted in the principle of prioritizing needs over greed, Needonomics (economics of needs) based on Gita verse 9.22 and used in the LIC of India logo “Yogakshemam Vahamyaham” (Your welfare is our responsibility) advocates a balanced approach to consumption, production, and entrepreneurship. It challenges consumerism’s excesses and fosters value creation through need-driven innovation and services.
In entrepreneurship, Needonomics promotes solutions that address essential societal needs while ensuring sustainability, affordability, and accessibility. This aligns with Bharat’s cultural values of simplicity, frugality, and collective welfare.
Middle Class: Pillars of Progress
The middle class, often regarded as the backbone of Bharat’s economy, plays a crucial role in its journey toward Viksit Bharat. Their aspirations and needs must be prioritised as drivers of consumption, innovation, and stability. With the middle class projected to constitute 40% of the population in 2025, up from 25% in 2016, its growing influence is undeniable. Defined as households with an annual disposable income ranging from Rs. 5 lakh to Rs. 30 lakh (at 2020-21 prices), the middle class stands as a transformational force. However, the eNM Research Lab at the Global Centre for Needonomics, Kurukshetra, redefines the middle class as a group of individuals who not only observe the MRP on goods but also actively engage with retailers to negotiate prices, reflecting their need-driven consumption mindset.
The concept of “Needo-happiness” emphasizes creating opportunities for growth, employment, and well-being, catering to the middle class and the broader population. Economic policies and entrepreneurial initiatives must focus on uplifting this segment while fostering overall progress.
Service Sector: A Strategic Focus
Given the challenges of competing with China in manufacturing-such as pricing, quality, and marketing—Needonomics advocates a strategic shift toward the service sector. This sector leverages Bharat’s strengths in innovation, talent, and cultural diversity. Key areas for entrepreneurial growth include:
- Healthcare and Wellness: Affordable healthcare integrating modern medicine and traditional practices like Ayurveda and Naturopathy.
- Education and Skilling: Technology-driven platforms for quality education and skill development.
- Tourism and Hospitality: Sustainable tourism showcasing Bharat’s rich heritage and natural beauty has the potential for rural tourism and homestay.
- Digital Services: Expanding IT, e-commerce, and fintech for a tech-savvy population.
- Green Economy: Ventures in renewable energy, waste management, and sustainable practices.
These sectors not only promise economic growth but also align with Needonomics principles by addressing basic human needs and generating employment.
Towards Viksit Bharat by 2047
For Bharat to achieve the vision of Viksit Bharat by 2047, entrepreneurship must be inclusive, innovative, and need-driven. Needonomics outlines a roadmap for this transformation:
- Encouraging need-based startups and businesses.
- Prioritizing sectors that directly enhance the well-being of citizens.
- Ensuring affordability and accessibility for the middle class.
- Promoting ethical and sustainable business practices.
Conclusion
Needonomics is not merely a philosophy but a blueprint for Bharat’s economic and social advancement with a common sense approach which is ethical, non-violent, and environmentally friendly. By positioning the service sector as the growth engine and addressing the needs of the middle class, it offers a culturally aligned and pragmatic path to development.
Entrepreneurship, underpinned by Needonomics principles, can lead Bharat to a future of prosperity, equity, and happiness. On this 76th Republic Day, let us pledge to combat the formidable challenges that hinder our progress and embrace Needonomics as the queen of entrepreneurship for a Viksit Bharat by 2047, ensuring “Needo-happiness” for all.
The writer is Propounder of Needonomics School of Thought, Vice-Chancellor (thrice) – Starex University, Jagannath University, and RGNIYD (Govt. of India) and superannuated Professor of Kurukshetra University. Presently associated with eNM Research Lab, Global Centre for Needonomics, Kurukshetra
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