According to Paul Romer (1996) economic growth is a matter of resource management in ways that are more valuable. History is witness to the fact that economic growth comes from better resources, not just from more, or the same resources. New raw materials, or resources generally produce a smaller amount of unfriendly or vicious side effects and yield more economic value per unit of resource. Economic growth for that reason is a function (depends upon) of the way we manage and level our resources. The better we manage and level our resources, the better growth and development prospects we achieve, and vice versa.
In COVID-19, our resources, health in particular, are exhausting and destroying at an increasing rate. Accordingly, we need to think about the management of resources in its generic form and natural resources in its precise form. The graph of the human population is going down at an increasing rate and the changes (negative) in demographics, such as population size, sex ratio, fecundity, death rates, etc., are also taking place at an unprecedented rate. We, therefore, need to rationally allocate resources which is possible only when we adopt better techniques for the management of resources. One such technique is resource leveling which is very useful in this pandemic world of health and economic maintenance management.
Based on the scarcity of resources, alongside matching demand with supply, resource leveling technique adjusts start and end dates of a task or a project. It smoothens the use of a resource so as to increase the efficiency or productivity of a task or project. It is undertaken to attain a tradeoff between the cost and duration of a project. In this crisis time, it is very important to choose resource leveling techniques in order to reduce COVID-19 repercussions which are supposed to be worse than the great depression of the 1930s and global financial crisis of 2008. Resource leveling has dual outcomes. On one hand, it will reduce the cost of a project and on the other, it will ensure a rational plan or timetable and better utility resource management. Both these results will boost the economy and its different sectors.
Indian economy post-pandemic is characterized by poor infrastructure, bad quarantine centers, weak resource management, very low rate of economic growth and development, high unemployment, low government revenue, stress on supply chains, and a sharp fall in consumer activities. In addition, we are witnessing very high COVID cases, high inflation, especially a rise in LPG sales, and the collapse of the tourism and hospitality sector. As a result, we are very much incapable of meeting our sustained needs which is why we are more likely to fall ill, and a prey to the pandemic. According to the World Bank, the pandemic has overstated or expanded preexistent bad characteristics and risks to India's economic outlook. Furthermore, it has also threatened the global sustainability thereby hampering future development prospects. Therefore this is a time for managing our resources properly and restarting our commitment to educate our masses with good research and political and moral management or governance. Moreover, countries have to hunt for the best management outfits and maintain international relations and accept lucid treaties for facing global and environmental challenges.
Coronavirus, which is a global challenge, lay emphasis on resource management in general and utility resource management in particular. The government must spend a good amount on corona awareness and preparedness. Experts in health sector claim that if the virus spreads far and wide then the main challenge is staffing hospitals. One of the resource management tasks under the staffing process includes the planning of less important employees to work from home. As far as essential staff is concerned, their presence is very important. Furthermore, they ought to be well versed with quarantine and testing related areas of a pandemic. Also, they need to opt to shift and make sure they are not infected in any way. In order to plan and address gaps properly in COVID-19, it is very important for any department (especially the health department) to probe the role of its employees alongside storm roles like polarization of views, series of discontentment ranging from personal frustration to flat-out confrontation and conflict. In addition, the proper database is to be maintained too in order to actually enquire about the nature and scope of the pandemic.
Binish Qadri is ICSSR Doctoral Fellow pursuing Ph.D. in Economics at Department of Economics, Central University of Kashmir; Quarterly Franklin Member, London Journals Press