We must spend now to save lives rather than aim for future stability that may not even materialize The Reserve Bank of India (RBI) has, in a departure from its customary reticence, chosen to indulge in a bit of metaphor-speak.
Its April Monetary Policy Report, which refrains from providing the usual guidance, introduces a rather grim note: “Covid-19 hangs over the future, like a spectre." As this dark shadow spreads its deathly pall across the country, some accepted wisdom and doctrines will need re-examining.
As the name of this column suggests, this is a generalized state of disequilibrium, mankind’s greatest challenge in the past century.