Is there a need to revive the economy, does the government have a strategy for it? |The Urban Debate

On the Urban Debate today, Tanvi Shukla takes up the most important topic and one that has everyone’s eyes fixed to, that is the Economy. The Coronavirus pandemic which broke in the country in the month of March has engulfed everyone in its claw including the economy. The economy has taken the worst hit this year with GDP’s Q1 crushing down to -23.9%. But what does a negative GDP means to you? Does the government have a strategy to revive the economy? Is there a need for a fresh stimulus package? Has the government’s response to the economic crisis been appropriate?

Dr Ajay Dua, Former Commerce Secretary stated that while going forward, the government needs to shed its inhibitions and not merely talk of a Rs 20 trillion package. What we need now is for the government to not worry too much about its fiscal deficit.

Economist Ramakumar adds that when the lockdown began, the Indian economy was highly vulnerable, the lockdown which was informed by a poor strategy, wreaked havoc after March. Madan Sabnavis, another economist states because of the uncertainty you won’t be able to take any consumption decisions which is going to affect businesses. They will not be able to invest unless they see demand coming through.

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