We all know that because of this pandemic In one way or another, the whole world is suffering but the thing that is facing the real issue is the world economy and because as a liberal economy we are also in this chain and our economy is suffering as well, but the thing is we are in a bad phase from a long time, as our GDP growth rate was very slow in previous financial year, due to issues like trade war of china and other reasons that cause a global slowdown throughout the year.
But as said by Nilesh Shah “ MD, Kotak AMC Ltd.” that there are signs and all possibilities that we can improve in this fiscal year, but no one has thought about this isotope name covid-19 which can create a dent in the titanic named economy, According to IMF India’s growth will be 1.7% whereas Barclays predict it 0.7%.
=> So The Question Is How Can We Recover & What Steps We Must Take In Order To Prevent It.
According to the views of Eminent economist Arvind Panagariya who is also Professor of Economics at Columbia University and Director of Raj Center at Columbia’s School of International and Public Affairs what we must do is we should think about long-term to create better jobs in formal sectors which will be going to present by multinationals who are moving out of china to diversify their options in this pandemic.
what Mr. Panagariya also mentioned that we must focus on our employees who work on daily wages because the people who felt this pandemic most are these daily wages workers all governments including center and states are giving their best effort but you know even the best effort is sometimes not enough.
According to Sir, The COVID-19 pandemic is a “time for thinking long-term”, why even after 70 years of independence our workers still have to go in different states or have to work in small piece of lands which barely give them food for 2 times, Mr. Panagariya said it’s our responsibility to ensure that after this pandemic it’s our duty to help these moving workers out of tiny farms and enterprises into more productive and better paying jobs.
We can take example of our Jamshedpur city where TATA not only developed this city, but almost 80% People in the city are employed directly or indirectly by TATA and they get better medical facilities as well as a clean city and pure drinking water, so can these situations not be created in other states and cities as well ?
“Multinationals will be seeking greater diversification of their activities in the wake of Corona. India must not miss this opportunity,”, also he said that we must create a “A special economic zone (SEZ) is an area in which the business and trade laws are different from the rest of the country” known as Autonomous Economic Zones so that we can improve our ranking in the World Bank’s ‘Ease of Doing Business’ index which is 63 as per the data of 2018-19.
and as Mr. Panagariya mention about labour and land laws, GOI should make sure that even Bihar and Jharkhand must get a reform so that their labors don’t have to go outside the state for work, also we must ensure a flexibility in our labour market so that investors will also get confidence.
GOI should also focus on lifting the lockdown in both rural and urban areas which are in green zone like our Jamshedpur city, and where these things can start so that at least some part of the economy will start processing, but if this pandemic strikes in these areas they should not hesitate to tighten the restrictions again.
And The Most Important Thing Is To Implement These Things Because Action Always Speak Louder Then Words.