In an e-mail interaction with the BBC, Congress leader Manmohan Singh laid 3 suggestions. He said that the economic slowdown in the country is “a humanitarian crisis” and that the ” government’s shock and awe approach to the lockdown has caused tremendous pain to people” source Theindianexpress.
Manmohan singh is an Indian economist, academic, and politician who served as the 13th Prime Minister of India from 2004 to 2014.
Manmohan Singh is an active economist. According to him, the Indian economy is severely hampered due to the unavoidable lockdown. But it hampered the Indian economy adversely. He said the economic slowdown in the country is “a humanitarian crisis”.
Dr. Manmohan Singh recommended three steps that Narendra Modi, the current prime minister of India should take into action. To support the falling economy of India these steps are necessary. The sudden announcement of imposing lockdown has not given any time to people and was very insensitive.
According to Singh, three steps that could help to make economy stable are listed below.
#3 Suggestions from Manmohan Singh
- The government should ensure people’s livelihoods needs are to be protected. They should have spending power through significant direct cash assistance”.
- Government-backed credit guarantee to support businesses in the form of capital.
- Institutional autonomy should take steps to fix the financial sector.
Sigh’s warning came in between the coronavirus pandemic. According to him, the country’s GDP for FY2020-21 will be leading to the worst technical recession in almost 50 years.
Speaking of GDP Singh said the country must not shy away from borrowing, but rather be prudent. If borrowing “can save lives, borders, restore livelihoods and boost economic growth, then it’s worth it,” he expounded.
Singh also said with the deeply interlinked global connection that India is having now, are a cause of concern.
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