Raghuram Rajan said that this is probably the biggest emergency post-independence in economic terms.
Raghuram Rajan said that this is probably the biggest emergency post-independence in economic terms.

New Delhi Raghuram Rajan, a former governor of the Reserve Bank of India and well-known economist, said on Sunday that the country is in the most emergency post-independence phase in view of the challenges faced by the corona virus. Rajan said that the government should seek the help of opposition parties and experts to get out of it.

Rajan made this comment in a blog post titled ‘Possibly India’s biggest challenge in recent times’. He said that 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 employees were going to work, our companies were strong due to year-on-year growth, our financial system was in better condition and the government’s financials Resources were also in good condition. While we are still struggling with the corona virus epidemic, some of these are not true.

However, Rajan said that if acted with proper methods and priority, India has so many sources of strength that it can not only overcome the epidemic like corona virus but also set a strong 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 there.

Rajan said that a lot needs to be done at the present time. The government should call those who have proved their experience and their abilities. There are many people in India who can help the government overcome this. The government can also seek help from opposition parties by crossing the line of political division, which has experience of draining the country from the last global financial crisis.

The former RBI governor said that our first priority should be to prevent the spread of infection through a wide-scale investigation, distance from each other and strict quarantine to prevent the outbreak of the corona virus. He said the 21-day lockdown is the first step. This has given us time to prepare better. The government is fighting with the help of our courageous medical personnel and is ready to use all possible resources including public, private sector, defense sector, retired people.

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 that India now also needs to prepare a plan about what will be done after the virus could not be controlled even after lockdown.

Courtsey: jagran.com


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