India is faced today with perhaps its greatest emergency since independence: Raghuram Rajan

Raghuram_G._Rajan

Ex RBI governor, Raghuram Rajan on India’s economic state and the way forward:

“Economically speaking, India is faced today with perhaps its greatest emergency since independence. The global financial crisis in 2008-09 was a massive demand shock, but our workers could still go to work, our firms were coming off years of strong growth, our financial system was largely sound, and our government finances were healthy. None of this is true today as we fight the coronavirus pandemic. Yet there is also no reason to despair. With the right resolve and priorities, and drawing on India’s many sources of strength, it can beat this virus back, and even set the stage for a much more hopeful tomorrow.

The government should call on people with proven expertise and capabilities, of whom there are so many in India, to help it manage its response. It may even want to reach across the political aisle to draw in members of the opposition who have had experience in previous times of great stress like the global financial crisis. If, however, the government insists on driving everything from the PMO, with the same overworked people, it will do too little, too late.”

[Raghuram Rajan / via]

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