In 2015, the Mokokchung Chamber of Commerce & Industry wrote a three-page memo to the Deputy Commissioner of Mokokchung on the legitimacy of mushrooming ‘Weekly Bazaar’ markets in and around Mokokchung Town, their adverse effects on the local economy and urgency for their termination thereof. “We sincerely request you to dismiss this ‘Weekly Bazaar’ immediately with the virtue of the power vested upon your authority, for which we shall remain ever grateful to you,” the business body requested. Of course, the MCCI’s request was never fully taken into consideration and the weekly markets were allowed to operate until the COVID-19 pandemic happened. It can be assumed that the weekly markets will be allowed to resume their business soon despite the huge socio-economic losses it entails.

 

The Business Union, Changtongya Town (BUCTN) on May 14 announced its indefinite ‘shutter down’ protest against the same weekly bazaar business. The protest was not directly against the weekly market per se but against the administration for ignoring the BUCTN’s expressed opinion on the weekly market, popularly known as ‘Haluating Bazar’ there. It is learnt that the administration has called for a joint meeting involving various Changtongya based civil society organizations and the BUCTN to discuss the matter on Monday morning, the outcome of which is likely to be against the interest of the business body.

 

In both of the above mentioned cases, the primary opinion of the business bodies is that the weekly bazaar is detrimental to the health of the local economy. It is understood that there is no doubt some benefits the consumers enjoy because of the weekly market. However, the damage caused by the weekly market to the local economy at the macro level is enormous and the damage caused will be bigger in the long run. Unfortunately, those in authority with decision making powers fail to comprehend economics. Or, it could be that they do understand the situation but are not able to fend off certain powerful actors and succumb to their pressure. It may be recalled that when MCCI raised the issue with the district administration in 2015, the weekly bazaars were all shifted to the periphery of the town beyond the jurisdiction of the municipality. Which means, the markets were allowed to run under the jurisdiction of the neighbouring village authorities. As such, to allow or not to allow the weekly markets to operate was now up to the respective village authorities and neither the MCCI nor the district administration had much sway over it.

 

Nagas are generally not adept in understanding the market dynamics and economic laws, which is why we fail to develop economic practices that may have implications beyond the foreseeable future. We are more concerned about immediate gains and often fail to plan long term. Macroeconomics is alien to us. As such, we as a society often end up being penny wise pound foolish.

 

 

Mokokchung Times

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