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| India’s middle class gets a breather | | |
The RBI Governor, Shakti Kanta Das, announcing cut in the interest rates and putting a 3-month moratorium on the Easy Monthly Installments on all the loans is a breather for India’s middle class.
The 21-day nationwide lockdown has brought all the activities to halt as the only way to fight COVID-19 is to stay at home. Barring essential services everything has been shut and people are being asked to stay away from each other.
Experts have already predicted that fight against COVID-19 will lead to economic crisis and job cuts are in the offing. If India is able to control the COVID-19 pandemic in the next three weeks, there is a chance about economy getting revived to some extent but if the Coronavirus spreads it can have far reaching consequences.
The COVID-19 outbreak in India has sent the alarm bells ringing, everyone has been hit. The poor and the daily wagers are the worst sufferers. They have no idea about how they are going to survive. Reports emanating from the big cities across the country are disturbing as the non-skilled and skilled labourers are making every possible attempt to reach their native places. It means that COVID-19 could spread from urban India to rural India.
More than Coronavirus they are worried about how they are going to survive and how will they feed their families. Our country has a huge population and the task of the government is not going to be that easy. The outbreak of COVID-19 has already claimed 19 lives in the country and more than 6700 people stand infected. The outbreak of this pandemic has thrown multiple challenges. Lockdown, cutting down interest rates, moratorium on EMIs are just firefighting measures. These steps cannot douse the flames completely. These can only give temporary respite and reduce the stress levels to some extent.
The biggest challenge which Central and the State Governments are facing is to save the lives and for that health infrastructure needs to be ready. Globally India is ranked at 115 vis-à-vis health care. So one can imagine the plight if the COVID-19 turns into a full blown crisis. The experts are clear that no medicine is helping the patients. Most of the COVID-19 patients need ventilators to survive. The big question is has India got enough ventilators to save the people? Answer is big NO.
The government has to shift its focus on the healthcare and rope in big players to come forward and help in manufacturing the ventilators as these have proved to be the only effective tools to save the lives in COVID-19 hit countries. |
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