The consequences of the Covid-19-induced lockdown are making themselves felt in dire predictions and an expanded government borrowing programme. Opinion page writers examine the implications of these issues. Kanika Datta sums up the views.
The enthusiastic response to the prime minister’s call for a national lockdown has given way to a sombre mood as India counts the economic costs.
The wait for a proactive government response should not turn into Samuel Beckett’s Vladimir and Estragon waiting for Godot, who never shows up, says Shreekant Sambrani. Read it here
There are good reasons to believe that economic growth will be sharply in the negative this year, and not hover at zero per cent, suggesting that most forecasters need to take a fresh look at their estimates, says the top edit here
The crash in oil prices are an indicator of the changing global supply dynamics, pointing to an opportunity for the Indian economy to rebalance its energy mix and wean itself off polluting, low-quality coal, the second edit suggests. Read the argument here
Former IMF Chief Economist Kenneth Rogoff makes the case for negative interest rates to pull the US economy out of a post-Covid-19 slump. Read it here