Economy

Poor getting squeezed in post-pandemic recovery: Seshasayee

Our Bureau Chennai | Updated on December 11, 2020

The economic recovery since the onset of the pandemic has exacerbated the existing income and economic divide further, with rich investors becoming richer while the poor are further marginalised, leading the society to become more polarised, R Seshasayee, Vice Chairman, Hinduja Group, said here on Friday.

“The good recovery that we are witnessing after this pandemic situation is unfortunately a K-shaped recovery where the rich and investor class more or less are regaining ground rapidly while the informal sector or the poor are getting more squeezed because of job loss and income deterioration,” said Seshasayee.

He was delivering a special address titled ‘Values for the 21st Century’ at the second edition of the RK Swamy Memorial Lecture supported by the Madras Management Association (MMA) and Advertising Club, Madras with The Hindu as the print media partner.

“So this K-shaped recovery is perhaps going to exacerbate the inequality that has been worsening for some years even further,” Seshasayee said, adding: “We need to give serious thought and a quick reversal of this trend is very vital to preserve social harmony.”

Highlighting that societies across the world are getting more polarised than ever before, Seshasayee said that many large countries look rather like dysfunctional families with internal fights, mistrust and hatred.

“Public frustration against an unequal economic order might express itself as a revolt against globalisation as being the root cause of this inequality or against immigration — those who have snatched away jobs — or as unjustified entitlement to minorities,” he added.

He also highlighted that the ancient Indian philosophy of Vasudhaiva kutumbakam (The whole world is one family) and Satyameva jayate (Truth alone triumphs) are the two timeless values that will help to understand the interconnectedness of humanity and pave way for peaceful coexistence in the 21st century.

Values in advertising

In a virtual address earlier, Gulab Kothari, Chief Editor, Rajasthan Patrika, lauded RK Swamy for upholding ‘Indian philosophy and values’ through his advertisements — values that are missing in the modern day advertising world.

SK Swamy, past President of MMA and Chairman of the RK Swamy HANSA Group, said said RK Swamy had pioneered the business of advertising as a profession in southern India.

Published on December 11, 2020

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