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The Rs 20 Lakh Crore Whodunit
Former Union Finance Minister, P. Chidambaram, writing for The Indian Express, remarks that while the Prime Minister grabbed the headline with the announcement of a Rs 20 lakh crore Economic Stimulus Package on 12 May, “he left the page blank.” As the finance minister started giving out the ‘details’ of the package, the people left fuming were the farmers; migrants; and workers. Chidambaram argues that in a nationwide cirisis additional expenditure is possible only if there are additional revenues/resources. He states “categorically” that there can be no fiscal stimulus without additional borrowing as there would be no additional expenditure. Kids learnig lessons
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Let me state categorically, if there is no additional borrowing, there can be no additional expenditure and, logically, no fiscal stimulus. All over the world, additional borrowing is the key to fiscal stimulus: borrow more and spend more, and if the borrowing reached an uncomfortable level, monetise part of the additional borrowing/deficit, that is, print money.
P. Chidambaram in The Indian Express
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Mukul Kesavan undertakes a comparison of the different leadership approaches to the COVID-19 pandemic in The Telegraph. While on one hand there are “inept” responses by the likes of United Sates and the United Kingdom, on the other there are the east and south-east Asian countries. Kesavan contends that East Asia’s experience with epidemic disease in the 21st century “had prepared the countries in that region to deal with a pandemic.” Given the stark contrast offered by failures of the rhetoric of market fundamentalism and the “studied caution” of smaller Asian countries, Kesavan states “it’s hard to believe that our sense of the world’s pecking order won’t change.”
The reason Western countries with first-rate health infrastructures were caught napping is that in the absence of an actual pandemic there was no economic incentive to prepare for it. The economics of austerity and the populist politics that it spawned encouraged a contempt for expert advice. It’s not a coincidence that the UK, the US and Brazil were led by Covid-19 deniers who played down the danger from the pandemic till it ravaged their countries.
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