The first package of Rs 20 lakh crore from the government and now the indirect package of Rs 45 thousand crore being given to the central employees to spend will not improve the health of the economy. For this, the government will have to pay money to the urban poor and immigrant laborers. If the Chief Economist of IMF, Geeta Gopinath, believes that the government will have to take more steps.
‘Loan and Credit Guarantee Scheme in the name of Relief’
IMF Chief Economist Geeta Gopinath, in an interview to an English newspaper, said that India has provided assistance equivalent to about 7 per cent of its GDP, but India’s relief packages have mostly been under the loan and credit guarantee scheme. Out of the relief package given, only 2 per cent was worth spending directly. The center has made a direct cash transfer of 500 rupees to the people. Free food grains have been distributed in rural areas, but it is difficult for the economy to gain momentum. Perhaps that’s why Gopinath has appealed to the government to provide more help to the poor and migrant laborers in urban areas.
Gopinath said that the welfare schemes that were run during the coronavirus infection are now ending, so their period needs to be extended so that more and more urban poor and migrant laborers can come under its purview.
‘Global economy will not be back on track before 2022’
Gopinath said that the world economy will not be back on track by 2022. In some countries, the situation will not be normal even till 2023. On the question of self-sufficient India, he said that both imports and exports are necessary for the supply chain. Without the global supply chain, there will not be much success in import and export. He said that the reforms of the recent agricultural and labor laws in India are very progressive and this will increase employment. This will increase prosperity. This will increase India’s influence in the world.
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