Facilitating economic revival

01 NOV,2020 | MEDC


 

A key lesson of Covid is that an appropriate balance between the supply and demand sides cannot be taken for granted. No industry is going to take loans for investment purposes unless there is a demand for their products. The economic feasibility of lockdowns also needs to be carefully considered. India’s 300 million strong middleclass needs to be aggressively incentivized to enhance their spending by offering them suitable fiscal packages, including tax benefits for expenditure on products such as cars, housing, white goods, and domestic travel. Infrastructure development should be prioritized to aid in the job creation process, as well as enhancing domestic economic productivity. In the short-run it will adversely impact the fiscal deficit, but in the long-run it will surely prove beneficial to the economy. The government needs to be proactive in all of its policy decisions.

*Photo Credit: Google

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