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India Needs Three Steps for Economic Recovery - Singh

VOA News

   Former Indian Prime Minister ManmohanSinghsays the South
   Asiancountrymust take three steps "immediately"for the nation's economy
   to recover from the impact of the coronavirusand restore economic
   normalcy.

   In arecentemail exchange withthe BBC,Singhsaid firstthe
   governmentmust"ensure people's livelihoods areprotectedand they have
   spending power through a significant direct cash assistance."

   Second, Indian businesses much have sufficient capital available to
   them through"government-backed credit guaranteeprograms".

   The third step, Singh says, isIndiamustfix its financialsectorthrough
   "institutional autonomy and processes."

   India'scurrenteconomic downturn was caused by the outbreak of the
   coronavirus."It is important to view this from the prism of sentiments
   in our society than mere economic numbers and methods,"the former prime
   minister said.

   Singh said borrowing money may be necessary if the government is to
   spur afull-fledged economic recovery.

   Singhhad led a major reform program for India's economy when he served
   as finance minister nearly 20 years ago.

   India imposed a sudden national lockdowntostop the spread of the virus.
   "Thesuddenness of the announcement and the stringency of the lockdown
   were thoughtless and insensitive," Singhsaid, noting that even World
   War Two did not spark a "whole world shut down."

   Only two other nations have more COVID-19 infections than India's 2.2
   million. Brazil has more than 3 million cases, while the U.S. has more
   than 5 million.

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