The Modi government has sought to kickstart the economy by pumping in liquidity through credit guarantees. To its credit, there is no plan to borrow excessively or spend unnecessarily. This should take care of fears of the fiscal deficit ballooning out of control. In the circumstances, this is prudent economics.
Congress criticism of labour reforms is myopic. Its CMs should introduce similar laws
The Congress party’s criticism of labour and agriculture reforms in BJP-ruled states is myopic and opportunistic. It flies in the face of the opposition party’s oft-repeated concern about the state of the economy and livelihood issues during the lockdown. Congress must ask its chief ministers to also implement similar reforms.
Finally the PRINT team did see something PRUDENT.
In a country with the history blatant thefts of public money, the disbursement has to be made directly to the end beneficiary.
The great son and grand son, who finally accepted the famous 15 Paise calculation, conceived and developed over two earlier generations, still remains to be broken. Given half a chance the old guard will implement it with renewed zeal.
Politically incorrect to call a thief a thief in absence of proof and final conviction in the SC, the description goes As PRUDENT.
An obligation is cast on the small businesses that will get collateral free loans to use them well, service their debt. Even with the heightened risks that come from a troubled economy.
There is a valuable lesson for the Congress as well, from the inability of the government to provide even the most rudimentary income / food / transport support to the poorest Indians. It is not that the ruling party does not sense the extent of pain and deprivation. A TRIF survey shows that half of rural households are cutting back on quantity / quality of food. 30% of them may withdraw children from school. NYAY, Universal Basic Income, crazy ideas do not become implementable because a Nobel laureate is spouting them. As their own economist PM used to say, Money does not grow on trees, nor can we spend our way out of poverty. If the Congress is to be seen as worthy of returning to power, it must put together an economic blueprint which places reforms as its centrepiece.