MY TAKE ON THE ECONOMIC PACKAGE-FEW CONCERNS-HYPE BUSTED




The corona relief package announced by this government is no different from a budget speech.This is
no way to be considered as a reform.I would simply put this as a bogus package which was largely out of context to this present situation.This also hasn't made any impact on the stock market as the stock market still continues to be in a a dull state.Here I would like to express my concerns on the announcements of the finance minister.

IS THIS THE WAY TO DEAL A DEMAND ORIENTED CRISIS ?

The economic crisis in India is now demand oriented.This was the case even before the pandemic but this pandemic has even made it worse.This is a recession caused from the lack of demand from the buyers.So the common approach would be to stir up the demand by putting money into the hands on people.where as this package is largely oriented towards the supply chain.This no way helps common man to purchase after the pandemic is controlled.





WHY IS THIS MORE A BUDGET SPEECH?

This is largely a budget speech because of the nature of the measures that were announced.These measures were already a part of the budget.Though some changes and allotments would still be appreciated.It is more a fiscal package than a stimulus.


NO CONCERN FOR THE MIGRANT WORKERS?

Many expected the government to tackle the issue of migrant workers right since the Lockdown has begun.Even the international media has reported the plight of the migrant workers.It is the basic duty of the government to provide them with immediate cash so that they can survive.This wasn't done.Though some measures were taken but not to a satisfactory level.



VOCAL FOR LOCAL-MAKE IN INDIA ANOTHER JHUMLA ?

Prime minister Modi has called for everyone to buy local products.He also called for India to be a self Reliant country.I would see this as a very illogical statement.When you say make in India it means that you are inviting the companies abroad to set up their manufacturing chains in India.But when you mean vocal for local you mean that Indians should buy only local products.It indeed means the people must not buy the products made by companies which have come as apart of make in India which is Infact a statement of negligible value.




SELF RELIANCE-ATMANIRBHAR BHARAT ....WHERE ARE THE START UPS?

For a country to achieve self reliance,I feel the only way is to encourage startups.But this package has nothing for the startups to grow.It would have been better if some startups which are struggling would  be made part of MSME's so that they would avail some advantage of the measures that the government has announced for MSME'S.I would say that "ATMANIRBHARBHARAT" is a Bigjoke due to the impracticality of the word.We are a country which exports on a large scale from countries like china.So when we talk about selfreliance we must see the practicality of this.Even the nehruvian economics of import substitution will no longer work in this Globalized world.



Finally I would like to conclude by saying that this economic stimulus by the government hasn't served its purpose and we would come to know the drawbacks of this in the near future.I have just showcased some of the concerns yet there are many.This package even had some positives which are to be welcomed as well.But the hype of prime minister's speech wasn't realized and thus the stock markets fell.





I am hustling monk.

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