Monday, May 20, 2024
HomeTrendsIMF - India’s Steps In The Right Direction

IMF – India’s Steps In The Right Direction

Coronavirus has created a national emergency in India. The cases are increasing everyday and the death toll multiplying. Is there any end to it? Corona is a devil who is ravishing humankind by perpetuating death and destruction. People are packed in their homes, poor dying in search of food, hospitals full with unwell people, cremation grounds running out of space, economy declining. What next?

However, India is taking appropriate measures to fight the same. Timely lockdown, social distancing, high immunity, hand hygiene and large scale donations in the PM cares fund and feeding the poor are India’s effort to fight this crisis.

India’s effort to deal with the crisis praised by IMF

IMF has praised India’s efforts for dealing with this crisis. A top official of IMF described the financial stimulus package issued by the government as a right decision to deal with the impact of Covid-19. Vitor Gaspar, director in the IMF’s department of financial affairs said that all the steps the Government of India has taken so far are with a good start. The government has taken steps in the right direction such as providing food and cooking gas cylinders to the weaker and poor sections of society and transferring cash to poor families. “It is a good start. It is noteworthy that the Finance Ministry has announced an economic package of Rs. 1.70 lakh crore for poor families on 26 March”. This package includes giving free ration, cash amount and free gas cylinders to the poor.

India should take “urgent steps” to fight the epidemic

 He also mentioned that the damage to the economy from the corona virus epidemic can be huge, so there is a need for India to take “urgent steps” at the policy level.

Gasper said in an interview that at present, the entire world hovers in uncertainty due to the epidemic. He said, “India has very limited fiscal scope but it needs to support the health and economic well-being of its citizens.” As such, policy action is urgently needed in the current unforeseen circumstances.

There will be deep impacts at the economic and human level

“The economic impact of the epidemic will be widespread” said Gaspar. “We estimate that economic growth will come down to 1.9 percent in 2020–21. This will happen due to both nationwide lockdown and weak external demand due to Covid-19”. He said that this epidemic would have deep impacts on both the economic and human level. In view of this, there is a need to take immediate steps on behalf of the government prioritizing expenditure in the health sector. There is a need to provide income to the disadvantaged sections of the society, support micro, small and medium sized enterprises. 

India has come a long way however the struggle does not ends. Commitment and perseverance will take makes us victorious. 

Total cases in India reached 12,380; death toll rises to 414

The total number of coronavirus cases in India has reached 12,380. Death toll has reached 414. Total number of people recovered are 1,489. In the world 20,52, 508 people have been infected with the corona virus. 1,32,922 people have died. Five lakh 8 thousand 387 patients have recovered.



Please enter your comment!
Please enter your name here
Captcha verification failed!
CAPTCHA user score failed. Please contact us!

- Advertisment -

Most Popular

Recent Comments