 "Illustration: Binay Sinha")
The covidvirus has attacked lives and livelihoods. It has attacked the finances of households, the balance sheets of companies, and the fiscal positions of the Centre and state governments. Assessing the scope of all this damage is still in progress, but already it is clear that the repair work will be enormous. That means we need to start thinking now of the principles that will guide the economic rebuilding.
Consider just one part of the problem: Protecting state finances in future downturns. The Covid crisis has thrown into high relief the vulnerability of state finances — and the immense difficulty
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