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India must reopen its economy quickly but in a measured way: Raghuram Rajan

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NEW DELHI: Former Reserve Bank of India governor Raghuram Rajan, in a conversation Congress's Rahul Gandhi, on Thursday, said India needs to open up its economy in a measured way but as quickly as possible in order to save jobs.

In a video conference, Rajan told Gandhi that the country also needs to spend ₹65,000 crore to support the poor--hit the hardest by the covid-19 pandemic-- and suggested empowering local bodies was key to ensuring good governance.

Rajan’s suggestion for quickly opening up the economy follows former chief economic advisor Arvind Subramaniam saying, earlier this week, that Indian policy makers should brace for a significant contraction in economy this fiscal. “We need to open up in a measured way but as fast as

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The economy is recovering, says President during meeting with professionals
COLOMBO (News 1st); President Gotabaya Rajapaksa said that the nature or extent of the challenges will not matter in fulfilling the promises made to the people.He noted that development activities continue in the country while taking necessary steps to control the COVID-19 pandemic.The President also pointed out that the economy, which had been collapsed for nearly two years, is gradually recovering.The President made these remarks participating in the first round of discussions in a series of sessions with professionals representing various fields, held at the President’s House on Friday (11).The professionals who participated in the discussion said that they are further committed to make the national programme a success by giving the necessary strength to achieve the goals desired by the President, said a statement.The professionals vehemently rejected the allegations spread by some sections with the objective of achieving narrow political agendas, the statement added.Experts in the field said that the new approach to agriculture initiated by the President is being continuously supported by the researchers and entrepreneurs who are engaged full time in these fields, further noted the statement.Representatives from a wide range of fields, including education, policy, sociology, agriculture, research, water and renewable energy, medical, engineering and innovation, were present at the discussion with the President.Ministers, State Ministers, Members of Parliament, the Governor of the Central Bank, the Secretary to the President, the Principal Advisor to the President and many others were also present.
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