Developed countries can ignore macro-economic reality but India can't

It should go without saying that 2020 is not 2008. The crisis through which the global economy is currently passing is not a financial crunch, but a public health crisis with an effect on the real economy. The sole similarity between the two moments from the point of view of the economy is the risk of a market freeze-up — caused in 2008 by a breakdown in finance, and in 2020 by temporary demand destruction — leading to long-term scarring, and the insolvency of otherwise going concerns. Then, as now, policymakers would respond to such a threat by flushing the

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