Countries around the world are now trying to protect their economy from the corona virus.
Corona virus has been badly affected in India’s economy. And now the challenge before the government is how to get the Indian economy out of the corona effect. To tell you for information, the cause of corona virus was started in India. And because of this the Indian economy was almost shut down.
Now the challenge is to reopen this economy. But on the one hand, cases of corona virus are continuously increasing. And Corona virus cases are making new records every day. In such a situation, there is a double challenge before the government. On one side is the corona virus. So on the other side the economy of the country.
Government to give direct cash benefit
The alleged Rs 20 lakh crore economic package announced by the Indian government did not work for the Indian economy. If you look at this package carefully, then there is one thing in it, and that is that most of the loans have been talked about in it. The direct case benefit is not given in any area. As a result of this, the Indian economy is still not able to get out of the influence of Corona virus.
However, most industries are now being reopened. But still the Indian economy has stagnated due to the decrease in demand. In such a situation, the government should give direct benefit to these industries. Cash benefit does not mean giving money. GST exemption can be given here. Also a new scheme can be launched. Which will directly benefit these industries. At the same time, to encourage exports, the Indian government will have to find new areas. From where India’s growth rate can move forward.
Senior BJP leader Subramanian Swamy has said that India’s growth rate may be minus. Swamy has said that India’s economy was already in the abyss. And the corona virus has accelerated this pace. Subramanian Swamy says that if the government does not take immediate steps, then in the coming days, the difficulties of recruitment are going to increase even more.
Increasing problem of bed loan
Loans given by banks in India are not returning. And again, it does not seem wise to loan again.
This is also worsening the condition of Indian banks. In such a situation, there is a double challenge before the government. Indian banks are struggling with big loans. And the loan that he has given to entrepreneurs is not getting back to the government now. In the coming days, the rate of this bad loan can increase even more. Because the entrepreneurs who had taken loan from the government, are not in a position to return it now. Under such circumstances, entrepreneurs will not get loan again.
Banks will have to show softness towards industries
The government may ask Indian state banks to show leniency towards industries. This will improve India’s economy. The government will have to identify industries that have been shut down due to lockdown and corona virus. Or a situation is coming that he could not manage his business.
To make such industries stand once again, the government can direct banks to give them loans again. And loans should be given at cheaper rates. So that they stand back. This will reduce the bad loans of Indian banks. At the same time, India’s economy will also be accelerated.
It has generally been shown that startups that were open during or before the Coronavirus era are all on the verge of closing. Or a large number of startups have shut down. Government of India can help in restarting these startups. This includes giving them tax exemption and providing cheaper loans.
Reduction in interest rates
The government may also reduce interest rates. It is generally seen that industries in India are given loans because of which industries are not able to stand. And drown in heavy debt. In such a situation, the Government of India should be provided at a cheaper rate to start a closed industry due to Corona virus. And if this is done, it will be a step for the Indian economy.
It is seen that even before the Corona virus abroad, loans were provided to industries at 0% rate. And even after this, loans have been provided to industries at the rate of 0% only. I am not in favor of this. Because it can ruin the Indian banking system. But it can be provided as loan at 2% or 3%. Which is currently 6% or above.
Women entrepreneurs will have a chance
It is generally seen that India’s economy is not conducive to running the industry. In such a situation, India has to find opportunities to make the economy favorable and give women a chance.
As well as the schemes which are going on to give opportunity to women entrepreneurs. They have to be taken off the ground. There are a lot of schemes for Indian women entrepreneurs but not a single plan seems successful on the ground level. In such a situation, the government will have to remove those deficiencies, which are run for women.
New economic areas will have to be identified
The Government of India will have to identify such new sectors to start the Indian economy once again. Where growth rates are possible. Or new industries can be opened. Such areas may include those areas where India imports large quantities.
India imports a large amount in areas related to this smartphone TV and electronics. In such a situation, it is necessary that the entrepreneurs of India be brought into these areas. And will have to be encouraged to move forward in these areas. In such a situation, India’s foreign trade deficit will be less. At the same time, India’s economy will grow at a fast pace. Another benefit from this will be that a large number of people will get employment in India. It is generally seen that the problem of unemployment in India has been prevalent for a long time. It can also be overcome.
People will avoid breathtaking schemes
If the Indian economy is to rise above the effects of the corona virus, the Indian government as well as the state governments will have to avoid lingering promises.
It is generally seen that a large number of people in India are given breathtaking promises. And governments spend billions of rupees on it. This expenditure puts pressure on the Indian economy. And the pace of the Indian economy stops. This does not make any difference to the economy market, but the government’s government spending increases greatly. In such a situation, the government should avoid luring public promises. But they do not see this happening. Because elections are going to be held in important states like Bihar and West Bengal in the near future. And the state government and the Center will avoid luring promises. It does not seem to be happening. But if it is not done, it will be a bad news for the Indian economy.
Votes can be distributed by looking at free things, but India’s economy cannot be improved. And we will miss a golden opportunity. At the same time, India’s fiscal deficit will also increase by making attractive promises. This will reduce the expenditure of the Government of India in the public sector. Which is expected to increase unemployment in large numbers.