HNI as a key indicator for sustainable development

The past two years have given an unparallel impact on the aspirations, ambitions and the strategy to amplify the respective business models in every industry in corporate. Where the organisations use to have reluctance in accepting flexibility of giving work from home and emotional wellbeing of employees was never given due diligence, the pandemic have enforced the vital importance of well being and remote work is a new normal.

Reflecting the same at a macro level, The World Happiness Report has reflected how people have fared across the globe. Where Finland, Iceland and Denmark have scored the Happiest countries in worldwide ranking in 2020. The World Happiness Index reflects India at the score of 139, with 3.82 as the score. According to WHR and Oxford University, Sustainability and progress towards UN SDG Goals, have a positive co relation with the wellbeing. The countries with better SDG Index tend to have better economic growth unless their per capita consumption is not reduced.

As a nation, we just observed a Good Governance Day on December 25, by making people also accountable to follow their duties which is one of the key determinants to a nations progress.Albeit, The calculation of the growth of economy have been reflected positive, yet it depends which year have been taken as a base year for comparison. The economic growth and economic value added through informal sector/unorganized sector during crisis is less likely in the growth calculation and thereis a constant decline in the Happiness Index in India. Inspite of economic progress as what have been reflected, the rate of consumption have declinedin our country as growing economies, due to population, improper circulation of money and majorly the Pandemic has nulled down the ecstasy of people.With all these imbalances we are far behind in achieving sustainable to create balance in the development.

Among the BRICS Nations- India ranks at the lowest mark in Happiness Score.

Country Happiness Score Rank

Brazil 6.33 35

Russia 5.477 76

India 3.82 139

China 5.339 84

South Africa 4.956 103

Source: WHR 2021

Happiness is an elusive and inherently complex. The World Happiness Report utilised GDP, social support, healthy life expectancy, freedom to make life choices, generosity (donations) and perceptions of corruption to rank happiness across countries.

Robust regression analysis of happiness scores and its determinants

Variables Estimates Robust SE's

Intercept 1.62 0.18

Life Expectancy 1.27 0.31

GDP 0.77 0.19

Family 1.26 0.20

Freedom 1.63 0.32

Trust 0.91 0.45

Introduction to Robust Estimation and Testing. San Diego, CA: Acad Press; 2005.

The impact of decline in happiness is seen by the significant increase in the number of suicides. and increase in the sadness and fear of the people. With the increase in the number of suicides of farm workers, woman and then students it is glaring to comprehend the happiness Index.

As one of the fastest growing economies, and heading towards 2022, we as a Nation have to frame our strategy to improve our score by creating focus on many intangible things. Following are some optimum points to watch for to integrate in the strategy to improve ranking-

• Circulation of Money in the Economy

• Awareness of Gender Equality for social wellness and economic growth in remote areas

• Reformation in the Education System to give due emphasis on Values which will further increase the positivity and integrity and reduce the corruption.

• Following an Ultimate aim of Politics to be Well Being

• Reducing unorganized sector of the economy and increasing their consumption, further enhancing GDP and HNI.

• Creating balance in the economy by encouraging cerebral equality will increase the HNI.

• Measuring emotional well being of people at organizational level to improve facets of governance.

• Emotional Well Being to be measured and reflected in CSR of the organizations.

Even as per the economic advisory council the GDP is moving at a higher growth trajectory and have been in a similar trend, still for last 75 years of independence our country is a developing country and not counted in developed countries.

The Constitution of Bhutan adopted Happiness Index as a tool for their economic governance. The creation of wealth is a major determinant for HNI, yet paradoxically and interestingly when we achieve the level of economic well being the wellness and happiness is seen diminishing.

So, even when the fastest growing economy is not making people happy then the strategy needs a revision for sustainable growth and long-term impact. Having Social Progress Index as one of the major variables we must emphasize on India Index of Well Being parallelly to reap and be closer to the SDG of UN.

Where the entire world is witnessing the change in its order and the way deflation is reflected in our country, we are stepping in a new calendar year of 2022. As a strategist, my recommendations and my vision goes to understand the nuances of HNI and integrate it as one of major variable to be make India No 1 Country of Choice to live in the world.