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355 Booster dose needed: The government is being asked to inject liquidity into the economy to boost expenditure and ensure greater economic activity. PTI
Subir Roy
Senior Economic Analyst
THE second wave of Covid-19 that is devastating the country has resulted in a call once again, as had happened during the first wave last year, for a fiscal stimulus. We may recall that the overall size of the stimulus, fiscal and monetary, that the Indian system had provided last year was one of the lowest among the major economies.
But there is a difference this time. Typically, at a time of crisis, the call for higher government spending and the central bank (RBI) creating more liquidity is made by Left-leaning economists and commentators. What is different this time is that the leadership of the corporate sector, which has a conservative mindset and seldom publicly falls out of line with the declared official viewpoint, has also come out openly and forthrightly in favour of loosening of
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1746 Focus: One of the current priorities is to make an attempt to ensure that economic activity is not stopped any more than can be helped. PTI
Subir Roy
Senior Economic Analyst
INDIA’s corporate leadership seems to be moving towards the position that there is no alternative to declaring a total lockdown across the country, the way it was done last year, to tackle the ongoing Covid wave. This is the sense that comes through from the observations by CII president Uday Kotak.
The received wisdom from last year’s quick and total lockdown was that it did more harm than good and that is why the government at the Centre has till now resisted going in for such a move again. Instead, it has left it to individual states to devise their agenda depending on how seriously they have been affected by the resurgence of infection.
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