RELOCATING ‘CONSUMPTION’ AND EMPLOYMENT: A STUDY OF INDIAN MARKET

The central concern is locating consumption in terms of purchasing power parityvis-a-vistop economies guaranteeing employment of the world. The GDP has been consistent since the early nineties, beyond the benchmark of seven to eight percent. Consumption has taken center stage as far as human lives are concerned. Mass media has increasingly become the sole locus of power in the determination of consumer trends. Markets are socio-economic loci involving both ideational and material elements where commodities are traded, and is an area where actors involve into trade to buy and sell commodities. Essentially, market exchange is fundamentally a social exchange (Migone 2007:117-200). Rising incomes, easy access to credit facilities and awareness of monetary management has enhanced aspiration of the consumerism. Even, Marxist faced problems delineating production-which they deemed the paramount determinant of human success-from consumption-which came largely to be considered a necessary evil (Mill 1929; Say 1964). Although, India emerged as the fifth largest consumer market in the world by 2025 at $1,521 billion-up from $746 billion in 2015 and $370 billion in 2005 (Mckinsey Global Institute), however, unfortunately production backs consumption and hence is inevitable consequence of the economic management.

KEYWORDS: GDP, Mass Media, Socio-Economic, Monetary Management, Consumer Market.


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