#IndiaEcon Pandemic is creating a huge, natural, short-medium term(1-2 yr) opportunity for Self Sufficiency. #India could use this opportunity to make push for #Indigenization by #Accelerating #EconomicReforms to reduce #Bureaucratization (#BS). But who will bell the cat? 😢😢😢
2/econ We have to focus in an integrated way on the #Threat from crisis (👇🏼) and the #Opportunity (👆🏼), so as to minimize the negative effect of crises and maximize the positive benefits possible from the fallout.
3/econ Union+State govts should urgently create #Register of self-employed people (& contact workers), in Service industries connected to Tourism, Travel, Trade, Retail, Resteraunts, Hotels. Real Estate, Entertainment, containing their #Aadhar, #VoterIdNo & #MobileNo & workplace
4/econ We can then target assistance to directly affected persons, if #Pandemic fails to peak in next month or 2 [In a disaster(flood, sunami) we hv to get assistance to those who lost their houses, distributing money to all doesn't serve #Social #Welfare or #EconRecovery]
5/econ In contrast to ST Welfare measures (3 & 4), Economic measures must be designed to ensure that GDP growth bounces back quickly & sustainably after Pandemic is over(by protecting financial system from contagion, saving efficient Ind & re-prioritizing known reforms for #GDPgr
6/econ #CrisesMgmt by Smpl Anology; 1) Stop Medical Contagion, 2) Stop (Real) Economic #Dominoes falling in a chain (3) Stop #FinancialContagion by lubricating financial network (monetary pol) & critical Nodes(Banks, Gsecs), 4)Move flood victims to high grnd & help rebuild houses
7/econ #CrisisMgt Finally, Use Crisis to put in place economic reforms necessary to ensure GDP growth bounces back quickly & economy is fully geared to exploit new global trends & opportunities opened up by the impending global recession. Ec Rfrm revives spirits of self-employed
8/econ Distributing money (#UBI ) to every citizen of #India when U don't have enough money to help Flood/Sunami victims save/rebuild their house is th worst fiscal idea for dealing with a crisis. #Targetting, however imperfect, is essential in a crisis. It can be/has been done
