On The India Revival Mission Council, there have been numerous plans that have been brought forward by the government in order to boost consumption amidst the COVID hit economy. Spending is crucial for a faster turnaround of the economy. The government feels that the measures like leave, travel concession voucher and festival advance scheme have the potential to boost the demand by nearly 73,000 crores. But the real question is, are these schemes really helping people on the ground this festival season?
In this episode, we have a panel that discusses how the economic revival in India is taking place and what are the contributors to the growth, the panel consists of, Dr. Arvind Virmani, Former, Chief Economic Advisor, PN Vijay, Senior Banker & Economist, and Gurcharan Das, Author & Former CEO Procter & Gamble India.
Speaking about the LTC cash voucher scheme and other government schemes, Das said that he hopes that the worst for the Indian economy is over. He further said that with the virus it is very unpredictable to say if we could face the 2nd wave of infections in the country.
He further said that the economy is poised to regain pre-covid levels by year-end. He stated that no government giveaways can boost jobs for the youth, which is the need of the hour.
Speaking about the fear of protectionism, Vijay said: “In this whole debate, our enthusiasm for self-reliance which one has seen… I think we are losing the focus on global competitiveness on the other hand.”