Indian economy : current state and way forward

Friends

Indian economy is currently in a very critical state. Despite the crude oil prices crashed to The lowest in decades , rupee dollar rate surged substantially. Whatever benefit could be passed on to the public for oil price reduction has been diverted to the government coffers by way of increase in duties. Although the economy was already reeling since quite some time the corona effect pushed it forcefully to dust. It may take long time before it rebounds and start generating growth. Employment situation is getting worse day by day and after lock down it will further worsen. Migration of workers from city to their remote villages will force them to think twice before coming again to cities. Businessmen is already in distress now at least for the medium term. In this situation post corona phase will be quite painful for some time. It may take 3-6 months before reviving post corona situation. 

Government of India has taken many positive steps to support the economy but their actual result will be known later only.  I as Indian citizen wish to suggest some steps in revival of the economy post corona and during corona period:

1. Current financial year 2019-20 should be of 15 months I.e. Till 30.6.2020;

2. No business entity should be charged any interest on loans & credits for the lock down period;

3. Share markets should be suspended till 30.6.2020;

4. Infrastructure sector should be given major push to generate employments and support ancillary sectors;

5. Certain seasonal sectors like agriculture should be given priority in opening up ;

6. Recovery actions by the Banks and financial institutions for overdues  and instalments should be suspended till March 2021;

7. Legal proceedings against MSME under insolvency, taxation etc. Should be suspended for a year;

8. Pending applications seeking licence, approvals for setting up project should be disposed off with in a month time else shall be presumed to be approved;

9. Real estate sector in the urban areas is one of the major employment generating sector and shall be promoted urgently. All the land conversion approvals should be given liberally unless there is strategic reason. 

10. Financial institutions should not charge maximum interest of 4% over and above RBI recess repo rate;

11. Promotion to exports and manufacturing activity is must and urgently required . A detailed analysis of the existing benefits need to be done and necessary steps should be taken in this regard. 

I wish above steps will definitely help in revival of the economy. 

C P 

Corona, quarantine & Life

Friends

Since last one week our country is in complete lock down. every body is in self quarantine . While we are connected thru electronic media ( basically social media) but a typical aloofness is prevailing in mind. Every thing has come to standstill leaving nothing in action. As I mentioned in my previous blog, the time is quite dull and boring. The absence of time line and fear of uncertainty is causing more trouble to our mindset. Every body is holed inside the house trying to console him/herself that they are safe . People are afraid of any bad news in this helpless situation. 

Couple of days back I lost my Aunty and no body could go to her village to attend the funeral. The helplessness in the voice of my maternal uncle was quite apparent. Nothing could be done.  Similarly the news of corona positive cases in distant city or state make us worry but a single incidence in the vicinity or city gives bumps. We are afraid of some unknown incidences where every one is helpless. The emotions are on hold and a small imagination gives the shivers. 

Our country has currently reported 1000+ positive cases with 27 deaths and counting . People have started behaving in unknown and cold manner due to this fear. Although the disease spread through global travellers the cascading effect on poor is too horrible. They losing job and food due to lock down and can not sustain for long. We can see their plight from cities to villages on foot. This plight will definitely leave a deep scare on the people moving to the big cities in search of Job. The longterm effect of Corona on Economy will be very damaging but the need of the hours is to contain it , save poors and control the damages.

However, despite all these, few positive inputs are also pouring in. The casualty rate is arnd 2%, Asian weather may be of some help in containing the spread and community spread is almost nil so far. I wish things improve faster and we bring back the life on track.

CP

Life in quarantine period

Friends

Last 3 days have been successfully passed in quarantine out of the total 21 days. I fact I am in quarantine sinew 20.3.20 hence it is complete one week. This quarantine period has changed every thing physically and mentally. 

In absence of any outgoing plans we need to keep arrested with in the house with almost nil activities. Initially I was thinking to give some time to reading and writing along with entertainment, household chorus and various pending matters. I also planned for doing some meditation, yoga, excercise etc. in the spare time after daily household chorus. Since there is no domestic agency every thing has to be done by us only, it was expected that some time will be consumed in unseen activities. 

But, last one week has been almost dull and boring. Physically the routine disturbed because the activities include breakfast then sleep then lunch then sleep then dinner and final sleep. Mentally I could not do any new reading or writing. No planning for the future. Most of the time goes in scrolling mobile, games and TV. There are no newspaper to read in view of the lockdown . Physically the digestion is become weak, no freshness, no new thoughts . Only thoughts and discussion points are around Corona Pandemic. Thus negative news and thoughts have overtaken everything else . 

It seems the quarantine period so far is wasted. I wish remaining period of 17 days will be used in better way with some purposeful activities with some positive thinking.

CP 

CORONA & QUARANTINE

Friends,

These two words I came across first time in my life of 57 years. During February month of this year. I was extremely busy in my daughters' marriage but the news about Corona had already been in circulation. We seem to be almost ignored this fact that this is a virus too contagious and travels thru human body. There were some news about its effect in China and unknowingly we were looking for some business opportunities for the country. It was just like killing the Karna in Mahabharta when he was weaponless due to his chariot stuck up in mud and Arjun attacked. With this mindset at least I could not foresee that this virus with no boundaries can spread dangerously across the globe. 

Later it came to know that there is no medicine globally to fight this unseen dangerous killer enemy. Surprise to know this that on one side we going moon, mars and lot many other celestial orbits. We could measure the galaxy and also find other galaxies in the universe. There were news that Russia has developed fastest ballistic missile. Lots of power in humans with arms across the world and frightening each other. In fact we challenged the nature with our knowledge, inventions, arms and so on. God was avoiding all the way since last 90-100 years. Probably after Spanish flu ( which lasted for 3 years and killed about 100 million people). God ignored two world wars, Hitlers' genocides, lot of wars between countries on border issues or some economic issues. We started selling and ruling the world with religions, castes, creeds, colours and so on. We human became so powerful that all mute creatures, trees, rivers, oceans started crying. 

During childhood, I was told that for the God 100 years is nothing more than a day. He noticed what we  human have done during his one day. To reprimand us he simply threw a very very tiny tool and put us on knees. Where are our inventions? What about those atomic powered arms, science to reach beyond galaxy? What about our borders now? Don't forget we used to boost that not even a bird can fly inside our border without our permission. All have become useless . Rather we are asking to each other when this medicine will be invented to fight this Corona. Friends remember Corona is only a small virus and there may be end number of tools with God to teach lesson. Not only in 2020 but in 3020 also. We are tiny species of this mother earth and should behave like this only. 

This is the first time in my life where in the only remedy available is to keep yourself indoor and quarantine. could you imagine  such remedy? what about those space stations, deep underground cities and all? We humans are on the knees friends and only medicine is pray and keep your self aloof. Trying to save ourselves from this pandemic. We forgot every thing now i.e. politics, caste, color etc. and looking at each other if any medicine is available. Tell me one thing if there is any medicine available will we get it on the basis of caste, color or nation? I don't think so. Then why we humans cant behave properly and live together with peace and harmony. 

CP