Govt Must Employ $25 Billion Rescue Relief Fund: Rahul Pandit
Sagar Daryani made an appeal saying that they are “struggling”, and that he is of the belief that people need an “unemployment pay cover for the sectors”.
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One of the key elements stressed upon several times was how industries are suffering, and people need a bailout, and while the government is helping the country get back on its feet it is not enough. On one hand people need to understand the limitations of the government but on the other hand there are people who need help and those whose life has plunged into uncertainty in the light of unemployment, job loss and lack of money.
In the Atmanirbhar series: Big Bang Economic Reforms, by BW Business World NewX Primus Partners on May 18th, several people of the likes of: Sagar Daryani, Aashish Gupta, Yeshwanth Nag, Dr. Ramesh V Penumaka, Rahul Pandit and Dr. Anurag Batra discussed the implications of this virus on several sectors of society while keeping in mind the packages and aid provided by the government.
Sagar Daryani made an appeal saying that they are “struggling”, and that he is of the belief that people need an “unemployment pay cover for the sectors”. Adding on to this claim made, Rahul Pandit outlined the fact that the four pillars of the economy: “demand is decreasing, supply is obliterated, capital is focusing on no returns and only protection, while labour is facing unemployment”. So essentially the pillars of the economy are down, and something needs to be done. Furthermore Rahul Pandit gave the analogy of a ‘four wheeled car turning into a bicycle”, thus mimicking the state of the economy.
When it comes to what can the government do, Rahul Pandit stated that social unrest must be prevented and the government must employ a “$25 Billion rescue relief fund” in order to protect and provide reassurance to the people. In juxtaposition to these beliefs, Dr. Ramesh V Penumaka felt that this was a “holistic package”, and the government will hopefully do more for the nation. He further felt that the government has “provided sustainable help to MSME’s.” A key topic he brought up was that people are “going to need to acknowledge change, and recognize the reality, and address every stakeholder”. Mr. Yeshwanth Nag also put forth how he believes that in the next year 50-60% restaurants will shut down.
Aashish Gupta claimed that this is surely a “huge challenge for the government”, and he is of the opinion that “few sectors have not been addressed, and the government need to work on a sector wise stimulus,” as he personally was “taken aback” when few sectors which play a massive role in the economy were not directly impacted by the package announced. Furthermore, he placed emphasis towards how imperative it is for people to be ambitious”. Adding onto this point, Dr. Anurag Batra talked about how this was only the first installment, and people should be “grateful for what they have”. He also feels that the government has so far “looked at the bottom of the pyramid, and is just getting started”.
Therefore one can conclude that while people are being slapped by reality in the face, there is some amount of trust and hope thriving. People remain optimistic and hopeful towards the government packages coming out, and are of the belief that something needs to happen to lift India towards a more stable and normal economy.
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