Summary:
Stressing that a “deep and prolonged economic slowdown” was “inevitable” in India, former prime minister Dr Manmohan Singh on Monday spelled out three steps that the Narendra Modi-led NDA government should immediately take to stem the damage of the coronavirus pandemic.
In an e-mail interaction with the BBC, Congress leader Manmohan Singh said that 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.” “Perhaps a lockdown at that stage was an inevitable choice.
The suddenness of the announcement and the stringency of the lockdown were thoughtless and insensitive,” Singh said.
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New Delhi: Stressing that a “deep and prolonged economic slowdown” was “inevitable” in India, former prime minister Dr Manmohan Singh on Monday spelled out three steps that the Narendra Modi-led NDA government should immediately take to stem the damage of the coronavirus pandemic.
In an e-mail interaction with the BBC, Congress leader Manmohan Singh said that 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.” “Perhaps a lockdown at that stage was an inevitable choice.
The suddenness of the announcement and the stringency of the lockdown were thoughtless and insensitive,” Singh said.
The former prime minister also laid out three steps he believed can restore economic normalcy in the coming years.
According to Singh, the government must “ensure people’s livelihoods are protected and they have spending power through significant direct cash assistance”.
The Centre must also make adequate capital available for businesses through “government-backed credit guarantee programmes”.
Lastly, Singh said, the government should fix the financial sector through “institutional autonomy and processes.”
Talking about direct cash transfers, Manmohan Singh said “high borrowing” is inevitable.