Raghuram Rajan, former Governor and economist of Reserve Bank, said that given the challenges presented due to Coronavirus, the country is in the biggest phase of emergency since independence. 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 ‘Possibly India’s biggest challenge in recent times’. He said, “This is probably the biggest emergency 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. Right now when we are battling the coronavirus epidemic, none of these is true. ”
India has enough resources – Rajan
However, he said that if worked with proper methods and priority, 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 workload on the people there.
The government can take help from opposition too- Rajan
He said, “A lot needs to be done right now. The government should call those who have proven experience and ability. Many people in India 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 removing the country from the last global financial crisis. ”
The former RBI governor said that our immediate priority to get out of the outbreak of Kovid-19 should be to prevent the spread of infection through extensive investigation, distance from each other and rigorous quarantine.
The government needs to speed up
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 the public, private sector, defence sector, retired people. However, the government needs to increase the speed many times. ”
A country ready for the post-lockdown situation
Rajan said that we cannot bear lockdown for long. In such a situation, we have to consider how to resume economic activities, keeping the transition limited. He said, “India now also needs to prepare a plan about what will be done if the virus cannot be controlled even after lockdown.”