The current crisis has hit the poor and corroded their savings. It is crucial to provide relief to the poor not only because of the intrinsic value of alleviating the effects of poverty but also because of their high spending propensity. A demand deficiency existed even before the COVID-19 pandemic which has only worsened.
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It is important to acknowledge that the works have limited scope as we embark on understanding the crucial differences. Many questions have remained unanswered in terms of why there is such a difference. The two subsequent works following Desai have probably intended to focus on “what” are the differences rather than “why”. In the case of Desai, the issue seems to have been taken up more broadly instead of reflecting on its complex character. For example, much less attention has been paid to the incentives that FDIs found in China as compared to India.
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Although the vaccination effort is being sped up, it may not be enough to prevent a third wave as the shortage of vaccines themselves remains an issue. Despite halting all vaccine exports since April and reporting record-high numbers of vaccines administered in a day on June 24th (8.616 million), India is still behind on its goals and may have to deal with a deadly third wave.
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Marx, through commodity fetishism, tries to bring light on how capitalism is exploitative, profit-driven and that unemployment, vast inequalities, economic and societal crises are pushed under the veil of the so-called exchange between commodities. Capitalism even assembles production into social relationships between the capitalists and workers as the relation between commodities
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Imported inflation is a greater concern in such countries as the prices of imported goods and goods that need to be imported (because of low production) are both expected to rise and feed on each other. In India, the wholesale price index touched an 8 year high of 7.39% driven by global fuel and manufactured product price rise.
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