Former Prime Minister Dr Manmohan Singh has listed out a three-step solution to stem the current economic crisis and restore normalcy in an email-exchange with the BBC.
.First of the three immediate steps is to “ensure people's livelihoods are protected and they have spending power through a significant direct cash assistance”.
The second remedy according to Singh is to make available sufficient capital for businesses via “government-backed credit guarantee programmes". For the third step, he recommends “institutional autonomy and processes” for fixing the country's financial sector.
Dr Singh said, “deep and prolonged economic slowdown” was “inevitable”, however, “I do not want to use words like ‘depression’ in a cavalier fashion,” he said.
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