Monday, October 19, 2020
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View: With no real recovery, GoI needs to know why its splurges have been ineffective

View: With no real recovery, GoI needs to know why its splurges have been ineffective
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There was a time when India was well on the way to socialism. But that time is long past. Today, it is an irreversibly capitalist economy.

Synopsis

Sitharaman’s package this time is smaller than the May package. But that is not because of a fresh sense of responsibility or caution. She knows that she is getting close to the next budget. So, she will not have to wait too long to fling around more money.

By Ashok V DesaiIndia’s economy is generally well-behaved. From 8.3% in 2016-17, its growth fell to 7%, 6.1% and 4.2% in the next three years. In the four quarters of 2019-20, it fell like a waterfall from 5.2% to 4.4%, 4.1% and 3.1%. Then came the Covid-19 pandemic. GoI stopped Indians from working together, and brought down GDP by about a quarter in April-June this year.The crores thrown out of a job tried to go home. To prevent them from

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