Three steps by Manmohan Singh to revive the Indian Economy.
                     THREE STEPS BY MANMOHAN SINGH 
TO REVIVE THE INDIAN ECONOMY
INTRODUCTION
• Congress leader Manmohan Singh said that economic slowdown in 
the country is "a humanitarian crisis" and that the " government's 
shock and awe approach to the lockdown has caused tremendous 
pain to people."
Source: The Indian Express
THREE STEP SOLUTION
• Former Prime Minister Dr Manmohan Singh has listed out a three-
step solution to stem the current economic crisis and restore 
normalcy in an email-exchange with the BBC.
Source: The Fact News
STEP 1
• First of the three immediate steps is to "ensure people's livelihoods 
are protected and they have spending power through a significant 
direct cash assistance".
Source: The Indian Express
STEP 2
• The second remedy according to Singh is to make available 
sufficient capital for businesses via "government-backed credit 
guarantee programmes".
Source: Credibly
STEP 3
• For the third step, he recommends "institutional autonomy and 
processes" for fixing the country's financial sector.
Source: The Indian Express
ECONOMIC SLOWDOWN
• India's economy was already in the throes of a slowdown before the 
beginning of the pandemic.
• GDP grew at 4.2% in the 2019-20, its slowest pace in nearly a 
decade. 
Source: Medium
COVID 19 CRISIS
• The country is now gradually unlocking its economy after a long 
shutdown, but the future looks uncertain as infection numbers rise. 
• India became the third country to pass two million Covid-19 cases in 
the global report.
Source: Nuclear Asia
GDP PREDICTION
• Economists predicting that the country's GDP for FY2020-21 may 
sharply contract, leading to the worst technical recession in almost 
50 years.
Source: The Financial Express
HIGH DEBT-TO-GDP RATIO
• The country must not shy away from borrowing, but rather be 
prudent.
• If borrowing "can save lives, borders, restore livelihoods and boost 
economic growth, then it’s worth it,“ says Mr. Singh.
Source: The Balance
MONEY PRINT
• India should not be afraid to print money to fund welfare benefits. 
• Many countries have already decided to print money to fund 
government spending. 
• Singh too is not ruling out the need for it, but is of the opinion that it 
be used as a last resort.
Source: Front Lines Media