How Can India Contain The Economic Impact Of COVID-19?
The Hindu|March 27, 2020
The government must focus on health and livelihood issues at the same time
How Can India Contain The Economic Impact Of COVID-19?

The COVID-19 pandemic has effectively brought normal life to a halt in India. The importance of social distancing and a lockdown in curbing the spread of the virus cannot be stressed enough, but these measures also have huge repercussions on livelihoods and the economy at large, which has already been seeing a slowdown over the past year. In a conversation moderated by Vikas Dhoot, Naushad Forbes and M. Govinda Rao talk of ways in which India can tackle this humanitarian and economic crisis. Edited excerpts:

Do you see a parallel in recent history to the situation we face globally due to the novel coronavirus?

Govinda Rao: This is the mother of all challenges in recent memory. The International Monetary Fund (IMF) says that the 2008 financial crisis comes close, but I think this is much bigger than that. Possibly, one has to go to the times of the Great Depression. Even qualitatively, it’s a very different challenge, because first you have to save lives, then you have to save livelihoods, then you have to meet with other costs like loss of jobs and production, and supply chain disruptions. It’s not just confined to one sector or country; it encompasses the entire economy and the world. So, I think there is no immediate policy instrument that you can put in place because you don’t even know how long the problem will last. The depth of the problem that you are going to face is dependent on the length of the period for which you are going to close down and the extent to which the virus spreads.

This story is from the March 27, 2020 edition of The Hindu.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.

This story is from the March 27, 2020 edition of The Hindu.

Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.

MORE STORIES FROM THE HINDUView All
‘Olympics Cancellation Likely If Vaccine Not Found In Time'
The Hindu

‘Olympics Cancellation Likely If Vaccine Not Found In Time'

Further delays impossible, says Tokyo Games organising panel chief Mori

time-read
1 min  |
April 29, 2020
It's Wholesale Only At Koyambedu Market
The Hindu

It's Wholesale Only At Koyambedu Market

Retail outlets to remain shut to bring down crowding.

time-read
2 mins  |
April 29, 2020
Ministry Does U-Turn On Plasma Therapy
The Hindu

Ministry Does U-Turn On Plasma Therapy

Treatment not proven: Health official

time-read
2 mins  |
April 29, 2020
Trump's Bleach Statements Echo Claims By Pseudo-Scientists
The Hindu

Trump's Bleach Statements Echo Claims By Pseudo-Scientists

‘Miracle cure’ quacks have long promoted industrial bleach to treat autism, malaria and many other medical conditions

time-read
3 mins  |
April 29, 2020
U.S. May Seek Damages From China
The Hindu

U.S. May Seek Damages From China

President says many options on the table to hold Beijing accountable, draws an angry response

time-read
2 mins  |
April 29, 2020
Koyambedu Market May Be Shifted Out
The Hindu

Koyambedu Market May Be Shifted Out

Decision likely at today's meeting of stakeholders; aim is to enforce physical distancing

time-read
2 mins  |
April 28, 2020
Massive Spike Of 522 Cases In Maharashtra
The Hindu

Massive Spike Of 522 Cases In Maharashtra

On Monday, cumulative tally surged to 8,590 positive cases with 27 more deaths

time-read
2 mins  |
April 28, 2020
The Script Of Disruption And A New Order
The Hindu

The Script Of Disruption And A New Order

Across the globe, the geopolitical and geo-economic fallout of the COVID-19 pandemic could be serious

time-read
6 mins  |
April 28, 2020
A Policy Road Map To Tackle Covid-19
The Hindu

A Policy Road Map To Tackle Covid-19

The interest of each and the interests of all now coincide, not only within nations but for all humanity

time-read
5 mins  |
April 28, 2020
ICMR Says No Payment Made For Chinese Test Kits Supplies
The Hindu

ICMR Says No Payment Made For Chinese Test Kits Supplies

Alleged profiteering by distributors supplying the kits

time-read
2 mins  |
April 28, 2020