It’s been nearly two weeks since the economic relief package to address the deepening crisis which has been tormenting the Indian economy due to the Covid-19 pandemic and the lockdown was announced. Now, so far that are emerging from the deep analyses regarding its contents and impact it is going to have, both in short and long term perspectives, it’s clear by now even for a common citizen that it is fundamentally a plan outlay with an extended outlook and as such the results, beneficial or otherwise, will take at least six months or a year or even more to be felt. And for all practical purposes and with the intention of making a honest ‘dissection’, it can be said, as is also evident from the package itself that the immediate economic woes, the top ones being the sudden and big surge of the already escalating unemployment scenario and loss of income of the common man will not be going to have an immediate soothing effect. With 64 days of the lockdown already past and both the above woes intensifying, it remains to be seen if there is a further review of these to make them more ‘egalitarian’ in essence.
Recalling the national mood during the five back-to-back days when the package was announced, it should be said that its very episodic nature led to added levels of expectations when the general sentiment was the thirst for having something immediate. People longed that for millions of hapless, hunger-stricken and dying daily wage earners, the most-acceptable wayout which is transfer of cash into their hands by way of DBT or hard cash itself will be adopted. Disappointingly, nothing of that sort has happened and the government has restricted itself in only promising free food grains to these worst-suffering class and that too for just two months and a few other similar measures. On Monday, the Centre for Monitoring Indian Economy (CMIE) has given the figure that rural unemployment has increased to 25.09 % against 22.79 % the earlier week. World Bank President recently has also shared the grim data that more that 60 million people globally will now fall into the bracket of ‘extreme poverty’. Although a global estimate as to which country will constitute the bulk of this new class of 60 million+ sufferers is under process of calculation, it can be presumed that India, in all probability will be one of the top rankers. Indian economy has hardly been in such a difficult position before and it will be little surprising if unemployment figures reach further unsettling levels.
Meanwhile, as more ‘unhealthy’ figures unfold, the idea of deficit monetisation which in simple terms mean printing currency is gaining popular support. Keeping in view the economic exigencies, government must seriously pay heed to such propositions. 

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Kenter Joya Riba

(Managing Editor)
      She is a graduate in Science with post graduation in Sociology from University of Pune. She has been in the media industry for nearly a decade. Before turning to print business, she has been associated with radio and television.
Email: kenterjoyaz@easternsentinel.in / editoreasternsentinel@gmail.com
Phone: 0360-2212313

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