Impact of Covid-19 on Global Economy: Relevance of Needonomics-
Authors: Mohan Goel Madan 
Published: November 2022

In the wake of Coronavirus (Covid 19), the global economy faced many challenges and stands victimised with recession in most of the economies including India. Covid 19 proved as the ‘Black Swan’ of global economy which has swallowed millions of human lives better not to be quantiﬁed. To cope up the impact of Covid 19, every citizen as consumer, producer, distributor, and trader has a role to play in the global economy to be revived from the recession caused by demand and supply distortions during covid (DC). It will be rele-vant to understand the functioning of the global economy before covid (BC), during covid (DC) and after covid (AC) by the economist to ponder over the solutions for the prob-lems. Being a votary for needonomics school of thought, I believe that every citizen must accept the responsibilities of needo-education for edu-cating youth not only employability and entre-preneurship but the basics of everything we need in our daily lives. We need to go beyond looking at government to ﬁnd ways to develop the most valuable resources, the people. Needo-health : how to lead a healthy lifestyle, have a balanced diet, need of doing physi-cal activities and taking care of our thoughts and emotions. Needo-ﬁnances to earn a decent living by judicious spending. Nee-do-morality for living a disciplined life with empa-thy (not lip service of sympathy) towards all around us. calls for under-standing the principle of ‘Needonomics (economics of needs)”. We need resources which are cer-tainly limited and required to be spent judiciously conﬁning to needs. The domain of ‘Needonomics’ as innovation is spiritual, nonviolent and ethical in nature based on the logo of Life Insurance Corpora-tion (LIC) of India ‘Yogak-shemam Vahamya-ham’(Your welfare is our responsibility). ABC of Needonomics with accu-racy, brevity and clarity have to be understood and adopted for the solu-tion of economic and non- economic problems in the society. Needonomics can say no to inward foreign direct investment (FDI) and takes care of the minimum needs of the weaker sections of the society (practising the art of giving with living in minimalism). It is believed by the researcher that the problems including violence, terrorism, exploitation and corrup-tion of all kinds are caused by ‘Greedonomics’ (eco-nomics of greed) and can be reduced if not removed by ‘Needonomics’ which deserve attention and adoption by all the stake-holders including politi-cians ( both in power and opposition) as an innova-tion of India. We need to research and rethink out of the box solutions for the problems of the econ-omy. We have to be com-passionate towards the weaker sections of the society requiring art of giving, possible only by adopting Needonomics. Economy can be people friendly and socially bene-ﬁcial only if undertaken in accordance with NAW approach (Need, Afford-ability and Worth of the goods and services) of international marketing. To become the desired human resources, the stake holders must become street SMART and SIMPLE with spiritual input ﬂowing from the epics including Gita and Anu-Gita.