Will India get any benefit in the world economy after the epidemic? Image Courtesy – Economic Times
This question is very important in the context of coronavirus epidemic and the Indian economy. Economics experts of this country are very much worried about the rejuvenation of the Indian economy.
The Congress President Rahul Gandhi discussed the matter with former Governor of the Reserve Bank, Raghuram Rajan last month. Raghuram Rajan was also the Katherine Dusak Miller Distinguished Service Professor of Finance at the University of Chicago Booth School of Business. Their discussion turned out to generate a silver lining of hope for the economy of the Indian subcontinent.
Rajan told that Rs 75,000 crore would be required to save the poor and marginalized people in India from the Corona epidemic and its aftermath. We have been hearing from the various sources that many countries will turn their backs on China after the epidemic. They will order manufacturing from India.
Rajan made it clear that what has been happening now was unlikely to have a positive impact on any country. At the same time, the situation may be favourable for India. According to him, there is a lot to think about for the international economy after the epidemic. There will be a chance for India. India can represent its position more seriously in any international discussion on the economy. India can establish itself as a leader in some cases.
India is not one of the two conflicting countries in the world right now. So, India can take advantage of its industries and supply chains after the epidemic. But more importantly, India can turn the tide of any discussion on the international economy.
Referring to the epidemic, he told that livelihood of many people has been stopped at this time. Their social security has also been ruined. We definitely want the economy to develop. But we also have to think about the unequal distribution of the resources. Rajan made it clear that people were not getting the benefits of economic development.
In his words, the social unity is a good thing. As everyone thinks, they are part of this system. Now we have a big challenge in front of us. In this stage, we cannot be isolated.
Let us see how the suggestion of Raghuram Rajan will become effective for the Indian economy. Because we have already come to know that the Japanese government has decided to shift their units of high-value products to Japan and south-east Asia from China. India is expected to take advantage of investments in different countries.