Young Indians are risk takers. But they have no shelter from the storm | Current Affairs | Vision IAS

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Young Indians are risk takers. But they have no shelter from the storm

2 min read

Historical Context and Journey of Vishnubhat Godse

In 1857, Vishnubhat Godse, an impoverished Brahmin, embarked on a journey from present-day Maharashtra to Mathura, hoping that the dakshina from the Rani of Gwalior's religious ritual would alleviate his family's financial troubles. His travel account, Majha Pravas, published in 1907, documents the risks he faced, including attacks by British troops and robberies by mutineers. This highlights the historical perspective of risk before the modern insurance industry.

Understanding Risk: A Historical and Sociocultural Perspective

The concept of risk has evolved over time, raising questions about whether it is a natural or a social and cultural phenomenon. Perceptions of risk may vary based on socio-economic status and across different societies.

Western Modernity and Risk

  • In the 20th century, risk in Western modernity was associated with human-made dangers to health.
  • German sociologist Ulrich Beck highlighted environmental disasters like the 1986 Chernobyl incident as pivotal for understanding Western modernity's future.
  • The "risk society" debate questions industrialization and emphasizes the need to evaluate it beyond scientific expertise.

Global Economic Turmoil and Risk

The global economic changes, such as Trump's tariff war, have redefined risk in a more global context. In India, this has resulted in new cultures of aspiration and changing attitudes towards financial risks.

Rising Risk Culture in India

  • Increased participation in the stock market and foreign currency trading reflects changing risk attitudes.
  • Even villagers and women, traditionally under strict routines, are engaged in global financial activities.
  • Youth are particularly active in these new economies, viewing risk as an emotional and sensory experience.

Precarious Nature of Indian Risk Culture

In India, traditional risk-mitigating structures have weakened over the decades, leading to a precarious risk culture:

  • Post-1990s economic policy shifts encouraged risk-taking but dismantled support structures.
  • Family support, once a critical safety net, has diminished due to increased mobility and atomistic living.
  • Health crises highlight the lack of support networks and reliance on costly private medical care.

Social and Political Implications of Risk

While Western modernity views risk as fostering skepticism towards expert opinions, in India, risk culture often reinforces reliance on authoritative figures amid diminishing state welfare activities. This creates a complex social and political landscape where promised protections may be illusory.

  • Tags :
  • Ulrich Beck
  • Global Economic Turmoil
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