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India Under Worst Economic Situation- Raghuram Rajan

Raghuram Rajan

Raghuram Rajan, former Reserve Bank Governor and economist said that the country is in the most critical phase since independence because of the challenges present due to corona virus. He said that the government should seek the help of experts including opposition parties to get out of it.

Rajan made this remark in a blog post titled ‘India’s biggest challenge in recent times’. He said, “This is probably the biggest emergency situation since independence. During the global financial crisis of 2008-09 there was a huge reduction in demand, but then our workers were going to work, our companies were strong due to years of solid growth, our financial system was in better condition and the government’s financial resources were also in good condition. While we are still struggling with the corona virus epidemic, some of these are not true.”

However, he said that if worked with proper methods and priorities, India has so many sources of strength that it can not only overcome the epidemic but can also lay a solid foundation for the future. Rajan said that all the work will not benefit much from being controlled by the Prime Minister’s Office because there is already more work load on the people.

He said, “A lot needs to be done right now. The government should call those who have proven experience and ability. There are many people in India who can help the government overcome this. The government can also take help from the opposition by crossing the line of political division, which has experience of dragging the country out from the last global financial crisis.”

Rajan said that we cannot bear lockdown for long. In such a situation, we have to consider how to resume economic activities while keeping the transition limited. He said, “India now also needs to prepare a plan about what will be done when the virus cannot be controlled even after lockdown.”

 

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