Is the pandemic done? It is, but it isn’t. Throughout the last year, we were hoping that once the calendar on the wall is replaced with the one of 2021, our troubles will fizzle away. It was as if the year digits 2020 were cursed and we simply had to spend enough time for the year to end. But here we are, in the last quarter of 2021. And all the worries remain.

Since November of 2020, I have been anticipating a market crash. When Nifty reached 12,000 then, the economic indicators of our country and the prospects of it in the near future all seemed very bleak. Despite this, the markets kept raging. When the average PE Ratio of Nifty or Sensex is around 17, it is considered to be a healthy market. This is to say that each share in a company is valued 17 times the earnings such share will generate. When this number reached 25 in January this year, the crash looked eminent. On what hope will the market overvalue its assets to such extent, especially when the pandemic rages on with no end in sight!

But, boy, was I wrong! A few days ago, Nifty aced 17,000 with an average PE of 41! The crash that I was so confident of coming has not come. Not yet, at least. I have now resigned to the fact that a crash may never come, while at the same time, knowing fully well that a crash comes when you give up on the fear that it is about to come. So, maybe, the market might crash. But because I am now anticipating it again, it may not crash. What a mess.

Irrespective of how markets behave, we can all agree that the economy has been badly hit. Our fiscal deficits will increase, credit ratings will decrease, and institutional investors will play around as they short-sell and make the retail investors cry. With the decreasing revenues of the Government, there will not be sufficient funds for social welfare, something that is first to take a backseat, unless there are elections around. The rich have become richer with people like Adani successfully round-tripping his own funds through foreign investors in an effort to hike the valuation of his hollow entities. And the poor have become poorer.

In times like these, it makes sense why Karl Marx so strongly believed that one should give according to his capabilities, and take as much as he needs. Some may put in more than others, but everyone shall receive what they need. On the outset, it appears to limit initiative and individual liberty to make his own wealth. But this is a societal approach and surely has strong moral resonance. Even if it does feel desirable, it appears to be good only in theory and not practice. The extreme experiments with ostensible Communism in countries such as USSR have helped negate the ideas.

To give to each what one needs, there must be adequate supply. If there’s one thing India must be proud of, it is that we do have plenty of supply. As far as nutrition goes, barring a few products such as edible oil, we have what each of our 140 crore strong population needs. Despite this, if we continue to suffer with malnutrition, the blame squarely falls on the processes and systems responsible for running supply chains to deliver it to the last-mile. But, neither this responsibility will be discharged nor will there be any accountability for this.

As is often said, it is more important to have an honest society than to have honest individuals. There are multiple ironies seen as those who have power do not use it, those who do not have power will never get it, and those who have power and want to use it will escape with the alibi of non-performance. Building an honest and accountable society will surely solve many of these issues. But how does one create such society is not something I know. As one person starts playing to his own interests, others will follow and do what is self-serving to them. In all this, Adani will create an empire, markets will reach new heights, and those without necessities will be left wanting.