Mired in Past, Messing with Present, Muddled about Future
Parakala Prabhakar https://youtu.be/PiiK4S47tM4?t=86 The ruling dispensation seems to be mired in a shamanic view of COVID. Also the planning for the post covid economy seems to be limited to talk about e mobility, next gen batteries, artificial intelligence, and 5G technologies. No bread and butter issues, that afflict the marginal and vulnerable today or in the next few years..
There is very little post pandemic scenario planning, and the parliamentary committee on Finance reportedly expressed dissatisfaction the Niti Aayog presentation, while it spoke of two extreme possibilities, did not outline anything about what India could need to do.. Public Universities are also not working on post pandemic scenarios..
Obscurantist narratives prevail in the current dispensation which has lead to underestimation of the challenge and overestimation of our exceptionalism.. preceding an assault on scientific temper.
Ref: Preparing for a post Pandemic Economy: from Sunset to Sunrise areas of growth.. amitabh kant 4th March 2021 http://emeets.lnwr.in/index.php/covid/813-preparing-for-a-post-pandemic-economy-from-sunset-to-sunrise-areas-of-growth
Ref: Indian economy to bounce back soon from effects of COVID-19: NITI Aayog Vice Chairman https://dst.gov.in/indian-economy-bounce-back-soon-effects-covid-19-niti-aayog-vice-chairman
For other posts on COVID see: http://emeets.lnwr.in/index.php/covid
On Economy & Equity see http://emeets.lnwr.in/index.php/economy-equity
What Is To Be Done to revive the Indian Economy! Franc o - Frank
In spite of Public Sector Banks doing a yeomen services, disbursing direct benefit transfers, Insurance schemes, all Govt schemes and lost more than 1300 employees, NITI AAYOG is still talking of Privatisation which is going to lead to disaster. In the last 7 years of NDA, the NPA has gone up to Rs.1143354 Cr out of which major component is large loans.
What is needed now?
Ask Banks to increase branches and staff and lend more to poor and lower middle class at concessional rate of Interest. Loans below Rs.5 lakh will make a lot of difference.
Bear the Interest portion through interest subvention and reintroduce Interest subvention for Gold Loans.
Allow restructuring of existing Loans where it is needed. Except large loans above Rs.100 crores, all loans to be restructured case by case.
Launch special long term loans for Health infrastructure, Housing, MSMEs, Youth, Women and Farmers.
Announce that No Privatisation of Banks in near future and 5-day week for Bankers which will enthuse and energize them.
Introduce Super Rich Tax.
Reduce prices on Petrol, diesel & Gas helping people to spend on other things.
Provide Rs.7500 to those who are not taxpayers per month for 6 months.
Recruit more people in Govt, Public Sector undertakings and Banks.
Above all, accept mistakes and dismantle Aniti Ayog and introduce a Development Council with well-meaning people as done in Tamilnadu by the new Chief Minister.
Thomas Franco is former General Secretary of All India Bank Officers’ Confederation.
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