Bold measures, stimulus needed for eco revival, time running out to prevent crisis: Sharma

Senior Congress leader Anand Sharma on Sunday said bold measures are required for economic revival as time is running out to prevent a grave and prolonged economic crisis.

Noting that "extraordinary situations call for extraordinary response", he said bold measures and sector-specific stimulus alone can save the economic collapse.

"Prime Minister, the time is running out to prevent a grave and prolonged economic crisis. Bold measures and sector-specific stimulus alone can save the economy from the threatened collapse. The first package was small and far too inadequate for economic revival," he said on Twitter.

The former union minister said the fiscal deficit and inflation cannot be a consideration as these should be kept in abeyance, and India should commit five to six per cent of its GDP to fight against the coronavirus crisis.

 

"Extraordinary situations call for extraordinary response. Revival of economic activity now is essential as millions have lost wages and Jobs," he said.

Sharma said a staggered unlocking plan for factories and businesses should be announced and interstate movement of cargo containers be restored, or the supply side issues will blow into a massive crisis.

He said stores will run out of essential items, pushing the economy into a deep shock.

"A robust economy and national resolve will win the war. Hope the PM will consider the constructive suggestions made in the national interest," the Congress leader said.

Indians stand united in the battle against Coronavirus, the former minister said, adding the spontaneous solidarity in times of the crisis is natural and gives hope and strength.

"Dictates and imposition makes it superficial and meaningless. Theatrics not a substitute for concrete action," he noted in another tweet, which is seen as a swipe at PM Modi's call for lighting lamps at 9 PM tonight while standing in solidarity in the fight against coronavirus which has taken 100 lives in the country so far.