Country is in the most emergency phase since independence

Raghuram Rajan, former Reserve Bank Governor and economist said that the country is in the most emergency phase since independence due to 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 comment in a blog post titled ‘Possibly India’s biggest challenge in recent times’. He said, ‘This is probably the biggest emergency post-independence situation.’ 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 in years The reasons for the strong growth were strong, our financial system was in good shape and the financial resources of the government were also in good shape. Right now, while we are battling the corona virus epidemic, none of these are true. ‘

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

He said, ‘Much more needs to be done 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 seek help from the opposition 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 immediate priority to overcome the outbreak of Kovid-19 should be comprehensive screening, distance from each other and prevention of spread of infection through rigorous quarantine. He said, ‘Lockdown (closure) of 21 days 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. However, the government needs to increase the speed many times. ‘

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.”