CoronaVirus – A Frightening Crisis But An Opportunity For India
Coronavirus epidemic which is a frightening economic crisis leaving all economies, countries on standstill can also be a propitious opportunity for India. If India becomes opportunistic it can turn this crisis into an opportunity.
How is it an opportunity?(Coronavirus)
India can not only make provisions for the lacking or deprived sectors but can also make extensive reforms to attract more foreign investment into the country. According to a former banker and an ex-government official, India needs to liberalise its financial markets. At the same time, policy steps should be taken to fix the banking and agriculture sectors.According to these people these are early signs. With the center bank giving foreign investors greater access to their sovereign bonds, local banks will have to give financial markets and companies a choice of more complex hedging tools.
India is facing the biggest crisis of this decade. A 21-day lockdown was imposed due to the outbreak of Corona epidemic on around 13 million people. Now the country is facing great risk of recession. Millions of people have become unemployed and are moving towards poverty. The poor may face starvation and their survival in the coming years could become extremely difficult.
In times of crisis, India has a history of taking corrective steps
In times of crisis, India has a history of taking corrective steps. Take for example the period 1991–92. This freed the private sector from government controls, abolished financial markets, lowered import duties and opened the economy to more foreign investment to avoid the crisis of balance of payment.
Former RBI Governor Raghuram Rajan wrote in a LinkedIn post this week, “It is said that India only improves in crisis. Hopefully the tragedy will help us see how vulnerable we are as a society and our politics should focus on the important economic and health care reforms we desperately need. “
Expectations from Prime Minister Narendra Modi
Prime Minister Narendra Modi made several reforms since he first came to power in 2014. His government brought GST, lowered corporate tax rates and kick started the state’s biggest sale of property. Arvind Subramanian, a former chief economic advisor in the finance ministry, said that with the risk of public finances collapsing and deteriorating amid lockdowns, fiscal policies also need to be reformed.
In India total cases rise to 5734; death toll reaches 166
The corona virus has caused devastation in the entire world affecting 209 countries. The total number of people affected have crossed 15 lakh with death toll crossing 88 thousand globally.
In India, the Corona virus has infected 5734 people across the country so far. According to the latest data of Covid-19 victims, 17 people have died in the last 24 hours due to infection in India. As of Thursday morning, the death toll from the Corona virus has reached 166. According to the latest data from the Ministry of Health, Maharashtra has the highest number of deaths due to corona virus at 72. Currently, there are 5095 active cases of Corona viruses in the country. On the other hand, to prevent community spread of the virus, 15 districts of UP have been sealed. Provisions for sealing many other districts or provinces in Noida, Delhi and other hotspot centres are also being done.
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