₹20 trillion “relief package", with heavy monetary and fiscal implications.While governments everywhere have done similar things, India’s case is different.
The US, European Union (EU), Japan and China can do almost anything they please with their economies, and the world will not lose faith in them.
India, on the other hand, is vulnerable to global trends in risk-aversion, capital flows, commodity prices and trade winds. We cannot afford to have fiscal and monetary policies that do not have an embedded plan for the morning after, when all our bills come due.That is why we need a second budget for 2020-21, or a completely new one for calendar 2021.