"Ration is not enough, laborers also need cash"- Raghuram Rajan

May 22 2020 10:12 AM

New Delhi: Former Governor of Reserve Bank of India (RBI) Raghuram Rajan has declared the 20 lakh crore self-sufficient India package announced to save the country's economy due to Corona crisis is insufficient. He said that the government has given free food grains and pulses to migrant workers, but they are in dire need of money to pay milk, vegetables, oil and house rent. He said that there is a very serious challenge before the global economy, which cannot be met by any resource.

During an interview to a news portal, Rajan said that the Indian economy was in a slump before Corona. The growth rate was continuously falling and the fiscal deficit was also increasing. In such a situation, much more remains to be done to get the economy back on track. Regarding the package of 20 lakh crores, he said that there are a lot of good announcements in it, but the need is more than that.

Rajan said that the country's economy needs to be repaired in some places. Repairing works in every sector, such as some banks, large companies, MSMEs. Recovery needs to be done at some places where the Stimulus package will come in handy and in addition, there is a need for complete reform on many areas.

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