New Delhi: Amid the crisis that has arisen due to the coronavirus epidemic, former Reserve Bank of India (RBI) Governor Raghuram Rajan has said that the government should prioritize spending on the poor and avoid unnecessary expenses. Rajan has said this while describing the Korana virus crisis as 'the greatest emergency since independence'.
Rajan has posted a blog on LinkedIn. In this, he has written that spending on the poor will be an appropriate step at this time. Rajan wrote, "Unlike the US or Europe, which can spend 10% more of GDP without fear of a rating drop, we have already entered this crisis with a large fiscal deficit, more now Focusing on the post-corona virus lockdown plan, Rajan said that India needs to ensure that the poor and non-salaried lower middle class, who work for long hours Has been stopped from being able to survive.
Rajan has written that during the global financial crisis in 2008-09, when the demand was hit on a large scale, the workers of the country could go to work and the financial system was very strong. He said, "Today when we are fighting the coronavirus epidemic, none of this is true. However, there is no reason to be disappointed."
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