Best of BS Opinion: Covid-19 impact, ICICI-Videocon case, and more

The Indian economy contracted by about 24 per cent in the first quarter of the current fiscal year. Most analysts are now revising their full-year forecast downwards. Business Standard opinion pieces for the day, apart from other policy issues, talk about future possibilities and what the government should do.

I do not foresee a rapid recovery to strong economic growth in the medium-term, that is, beyond 2021-22. As I wrote in June, average, medium-term growth higher than 3-5 per cent looks a bridge too far, writes former chief economic adviser to the Government of India Shankar Acharya

For the country's sake, senior officials and ministers should take active steps to exit a bubble in which they are exposed only to supportive or politically “reliable” opinions. The economy needs action. At this time, any further mis-steps will prove very costly indeed, and well-intentioned advice should be given due attention, argues our lead editorial

Enforcement Directorate has to show more closures of the cases to prove that it means business, writes Shyamal Majumdar

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“Corporates will not be immune from the ongoing economic contraction caused by the coronavirus outbreak. Near-term stress at corporates is already visible in the very weak performance in the quarter ending June 2020,”

Moody's Investors Service