Developed Economy – What is it, do we fit in it?

Developed Economy – What is it?

India is a developing country. It’s a polite way to highlight economical and social conditions of our country. I was taught this in school. It was years later when I realized that the meaning of ‘India is a developing country’ is actually ‘We are a third world country with definite resources and indefinite population’.

Anyways, our economy is developing. Or as government likes to put it ‘it’s booming’. We were the fastest growing economy with rate of 7.5% in 2015. What does this number (7.5%) represent, I have no clue. We are going to be a developed economy in few years, I trust the existing administration that much. They assigned a job of driving economy to an almost Ph.D scholar in economy, who happens to be a lady. Strongest suits to handle finances!

What’s a developed economy? It’s an economy that’s developed. Simple. 😀

An economy is a part of society that creates, supports and develops the means to survive for the entire society. Let’s assume a country as a family. Parents work to support education of their children. Children get educated and get or create jobs to support their children. This is economy. If parents are doing drudge work, it’s a developing economy. If parents are enjoying their work and paving a way for children, it’s a developed economy. If parents are drunk, delusional and disoriented, tough luck!

A developed economy provides better perks to people contributing to the economy. Companies and employees have a system to rely on. For example – The senate of USA passed an economic rescue package of $2.2 trillion to support the businesses, workers and healthcare systems affected by COVID-19 pandemic. It’s not the first time this system bailed out its businesses and workers from bankruptcy. US congress had approved a budget of $700 billion (Troubled Asset Relief Program) and Mr. Obama had proposed $787 billion economic stimulus package to avert global depression in 2008.

A developing economy provides stress to people contributing to the economy. They as maximum questions to provide minimum help. It’s not intentional though. They have to be careful of not being cheated out, because boy we are good at cheating the system! Our government doesn’t have the means and motive to provide the perks. They don’t have money because we don’t pay taxes the way we should, (Paying taxes before running out of options to save tax).

But money is not the only parameter to measure a quality of economy.

A developed economy provides an environment that helps businesses to grow and empowers employees to improve the quality of work as well as life. 5 day working culture, on-the-job-insurance, unemployment support and pensions are some of the perks we have started copying from developed economies to our economy in our own ways. That’s a healthy sign of growth.

As a business, borrowing concepts like work-life-balance and empowering culture of foreign companies to Indian companies is a good sign of growth. It nudges the organization to create a positive impact on economy as well as society.

Question is: Are we doing it for growth or glitter?

Doing it for growth means continue to provide perks with best of our abilities. In good and hard times. Doing it for glitter means continue to provide the perks as long as it helps creating a good brand, reputation and a shiny image of a company.

Many software companies in my city, Surat, are trying to follow foreign concepts. We, Coruscate & Zujo, are no exception. COVID-19 has hit us all hard. We’re being drained of revenue and struggling to keep up the pace. Many companies have started lay-offs, many have put the entire workforce on unpaid leaves and many have postponed the pay outs.

Ankit Virani, our CAO, was hell-bent on making sure each and every employee of Coruscate Solutions & Zujo Tech is paid. Not only on time, 4 days in advance. When asked what was the need, his response was ‘If we can’t be there for them now, there’s no point in coming back to office when this is all over.’ It’s moments like these that makes him suffer-able despite all of his antics. ;P

Not only that, he worked tirelessly to get permissions for our support staff to move around the city to help the team with IT issues, health emergencies and financial challenges.

If you are company or an employee of a company that got rid of employee-perks at the first stroke of danger bell, ask yourself, ‘Was it for growth or glitter?’ I asked myself and got the answer ‘Growth’.

To sum it up, what is a developed economy? It’s an environment where you are treated fairly as an individual, your craft can be polished and your interests are given equal respect and importance as everyone else.

Do we fit in a developed economy? I think we don’t. Why? Because majority of us look at our jobs as just a means to pay our bills and support our expenses. Not many of us choose a job because it polishes are craft and makes us a better person.

Until we start doing that, we’ll have engineers writing romantic books and MBAs from IIM-A judging a dance show.

We can’t fit in a developed economy. We have to build an economy that is developed by definition. This is a burden we should share equally, shoulder to shoulder.

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