The damage control steps are costing massive amounts to the Government. Arvind Subramanian, the former CEA, said the Government would be needed to spend ₹10 trillion for the damage control of the pandemic. This amount is equivalent to 5% of India’s GDP.
An immediate need for massive Monetary package
Economists are continuously studying the adverse effects of this 21-Day lockdown. And their search results are terrifying. They suggest that a support package of whopping ₹10 trillion crores is needed to get things back on track.
- The lockdown has left people homeless and helpless.
- Economically weaker sections and daily wage laborers are the worst hit.
- People are stuck outside their native places. All of them want to go back, and as a result, there was a massive flock of people at the state borders.
- Incidents like that on State borders and Nizamuddin has defeated the purpose of lockdown. Hence, there are ver muck chances that lockdown might be extended.
What Economists say?
According to Economists, ₹ 9-10 trillion will be required to combat the damage done as the lockdown ravages the Economy.
According to Subhash Chandra Garg, a former secretary in the department of economic affairs, the Government should announce a Budget of Rs 60,000 crores so that a financial help of Rs2000 can be done for three consecutive months of millions of people. He believes that people who have lost their livelihoods due to lockdown shall not suffer.
Industry lobby Federation of Indian Chambers of Commerce and Industry (FICCI) believes that there is an immediate need for investing ₹ 9-10 trillion in relief and rehabilitation across all levels of the Economy.
This COVID-19 has already stressed the Indian Economy, and if it continues to spread insane, then it will be a huge loss for India and its Economy. All necessary steps are taken, and the citizens should also cooperate.
All the people out there should stay indoors and take all the essential precautions for their safety.