Economic policymaking in times of a pandemic is never easy. It cannot essay a conventional path of economic ideas. The covid crisis presents India the challenge of adapting to a fast-changing socio-economic situation and working out approaches aimed not merely at its redressal, but also attaining an upward growth trajectory.
Many economists at home and abroad, both Indian and foreign, have opined on how to do this. But it is best to rely on indigenous solutions even while paying attention to what foreign-based economists say.
There is a general agreement among economists that India’s fiscal deficit rule, as set by the Fiscal Responsibility and Budget Management (FRBM) Act, would no longer be valid.
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