Rebuild India’s confidence, revive the economy -Manmohan Singh and Praveen Chakravarthy
The path to a sustained recovery is to improve sentiments in society, using economic tools
These are extraordinarily difficult times for our nation and the world. People are gripped with the fear of disease and death from COVID-19. This fear is ubiquitous and transcends geography, religion and class. The inability of nations to control the spread of the novel coronavirus and the lack of a confirmed cure for the disease have exacerbated people’s concerns. Such a heightened sense of anxiety among people can cause tremendous upheavals in the functioning of societies. Consequently, disruption of the normal social order will inevitably impact livelihoods and the larger economy.
The economic impact of COVID-19 has been much discussed. There is unanimity among economists that the global economy will experience one of its worst years in history. India is no exception and cannot buck the trend. While estimates vary, it is clear that, for the first time in many decades, India’s economy will contract significantly.
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The Hindu, 3 August, 2020, https://www.thehindu.com/opinion/lead/rebuild-indias-confidence-revive-the-economy/article32255125.ece?homepage=true&fbclid=IwAR0Pyry0m3IsXzbL3d8vh_Wrswh-UfTBlQ7OluljgJEGAV6scn7Xw4K2dVk
Tagged with: Economic Growth GDP Growth Economic Deceleration Economic Stagnation Economic Recession Covid-19 Coronavirus Cash Transfer Cash Transfers Income Support Scheme Income Insecurity Job Insecurity MGNREGA MGNREGS Job Creation