24 September, 2020

Can A Rs 20-Lakh-Crore Booster Dose Put Pandemic-Hit Indian Economy On Road To Recovery?

We analyse the government's stimulus package, its impact on different sectors and whether it will be able to revive the flagging growth rate

Photograph by Suresh K. Pandey
Can A Rs 20-Lakh-Crore Booster Dose Put Pandemic-Hit Indian Economy On Road To Recovery?
outlookindia.com
2020-05-27T12:59:47+05:30

Size matters. Or does it? It dep­ends on which side of the fence you are on. Ask the government, and it contends that it has unleashed a cocktail-combination of highly-effective economic drugs to ensure immediate and efficient recovery. Talk to the opposition, and it claims that the grandiose policy package is a case of too little, too late. The fact is that none of them stand on firm ground because this is the worst crisis in a century. None of us have seen something like this before; hopefully, none of us will in the future.

One of the points of contention is the quantum of money that the policy makers say that they have injected to kick-start the economy—Rs 2,000,000 crore, the fifth largest among all the nations. The second point of debate is the mix. Is it a judicious blend that has enough stimuli to drive up the knocked-out supply of goods and services, and pull back consumption that’s down in the dumps? Finally, there is the question of timing—is this the right time to push through big-bang reforms down the dying system’s...

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