Story of 4-village families of 1991!

Let's take a trip back to the '90s India! During that time, the majority of people, particularly villagers, were not aware of the benefits of formal banking services, let alone the availability of medical insurance policies. That was the time India embarked on a new journey towards an open market economy. I vividly recall protest rallies in our area against the globalization of our economy. As schoolchildren, we didn't grasp the concepts of an open market, the economy, or global politics. Students like us were easily influenced, and it impacted our studies. Tractor trolleys and bullock carts, which carried protesters, provided us with free rides that we enjoyed as children. Today, it's widely acknowledged that we are reaping the benefits of an open market economy, which has made high-end technology products more accessible at reasonable prices. This was made possible by the expansion of market size, allowing large companies to reduce the costs of their advanced technology products. It's astonishing to think that in the decade spanning 1980-90, our entire locality had just one television set, located at the community office (Panchayat), provided through a government scheme. Entry was once barred for children like us. I vividly remember waiting for hours just for a chance to glimpse inside the overcrowded Panchayat Hall, eager to catch some of the television programs. Today, every person or family possesses a handheld digital device, such as smartphones. This represents a remarkable shift made possible by technological advancement. In the era of artificial intelligence with its boundless potential, no one can precisely forecast what comes next.

The lack of affordable healthcare facilities can plunge even prosperous families into a debt trap during critical moments, jeopardizing their future. To illustrate, let me share the plight of a group from my childhood village. Four landlord families, referred to as 'Mahajan'—names withheld for privacy—were known for their relative affluence. They owned small businesses, deriving income from agricultural produce and mills for vegetable oil, wheat, and rice, yet they were not highly educated. In those days, business licenses were mandatory for such activities. Having grown up hearing tales of their wealth and lifestyle, it was disheartening to witness their fortunes dwindle as I reached young adulthood. Over time, they became indistinguishable from the other families in our village. After completing my postgraduate studies, I sought to analyze the causes of their downfall and comprehend their distress. Although wealthy, they lacked a basic understanding of commerce and business beyond their traditional knowledge. They had no strategy for health issues and preventive measures. Their failure to invest in wealth creation, coupled with a lavish lifestyle and the constant allure of new consumer products, exacerbated their suffering. Another significant factor was their wealth mismanagement, characterized by excessive spending on family events like weddings to display affluence. The absence of higher education led to this financial mismanagement. Eventually, they were forced to sell their farmland to fund medical treatments when family members became gravely ill. The situation spiraled into an unforeseen disaster, leaving many at a loss on how to persevere in such demanding circumstances. If this was the plight of capable families, the struggles of the impoverished can only be surmised. The overarching conclusion is that without access to free universal healthcare, medical insurance, and affordable quality education, those from poor to middle-class backgrounds are rendered helpless in the face of adversity. Education stands as the singular pillar that can support a society's sustainable economic development.

Every new technology or economic policy comes with its own set of conditions. Without proper education and awareness in society, any policy shift can lead to disasters that affect even the affluent, as illustrated by the story of four families. It's crucial not to repeat past mistakes, such as failing to gain public trust or to educate people about the potential downsides of changes, like those experienced during India's transition to a new economic system. The inability to keep pace with a changing world, compounded by outdated educational policies, has been a key factor in increasing the disparity between the wealthy and the poor.