Given the efforts and the resources required to fight the pandemic, it would be helpful if the Centre as well as the state governments re-work their respective Budgets for FY21.
By Rahul Renavikar
We all have a fear of the unknown, what one does with that fear will make all the difference in the world” So said Lillian Russel. The past month has been a test of grit and determination for the entire country. The top-most priority of the government is to stop the pandemic and save as many lives as possible. It is about time that quick and hard steps are taken to bring the economy back on track. A slew of measures like interest rate reduction, loan repayment moratorium, etc, have already been announced.
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There have been two lockdowns, but the possibility of another extension cannot be completely ruled out, especially in the worst-affected areas. The learning and the experiences from both, the developed and the developing nations, have been a mixed bag, and India, given its uniqueness, has to have a different approach to tackle the looming economic crisis. Most economists have already downgraded India’s GDP outlook for FY21. The full picture will only emerge when normalcy is restored.
Source: Financial Express
