“We have the worst of both worlds.” Shashi Tharoor on the public health and economic crises facing India.
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00:00India, on the other hand, has become a poster child for the worst case scenario.
00:04We have the worst of both worlds.
00:06We have neither managed to limit the spread of the virus, nor have we managed to keep
00:10the economy afloat.
00:12The GDP for the first time in 41 years will actually shrink, a lockdown imposed when we
00:17had 564 cases is being lifted when we are inching towards 54 lakh cases.
00:30India, on the other hand, has become a poster child for the worst case scenario.
01:00India, on the other hand, has become a poster child for the worst case scenario.
01:31Our government's announcement of a 20 lakh crore economic relief package has inspired
01:36little confidence, particularly when its fine print shows that new fiscal support amounted
01:41to only 1.86 lakh crores, less than 1% of the GDP.
01:47Much of the package had already been included in the Union budget for 2021, or merely facilitates
01:52people's own borrowings.
01:55As a result, respected Speaker, India has carved a worrying but distinctive position
01:59for itself.
02:00In their response to the COVID-19 pandemic, the nations of the world have three kinds
02:06of report cards.
02:07In a handful of cases, they managed to get on top of the virus, and their economy also
02:11thrived.
02:12The majority of countries, however, managed one or the other.
02:16That is, they either managed to mitigate the healthcare effects of the virus at the cost
02:20of the economy, or they kept the engine of the economy running while suffering an onslaught
02:24of the virus.
02:25India, on the other hand, has become a poster child for the worst-case scenario.
02:29We have the worst of both worlds.
02:31We have neither managed to limit the spread of the virus, nor have we managed to keep
02:36the economy afloat.
02:38The GDP for the first time in 41 years will actually shrink.
02:41Our employment crisis has become even worse than before.
02:45Small and medium businesses have been devastated, trade has crashed, and our foreseeable national
02:49prospects are dire.
02:51In a panicky overreaction to economic failure, the government is unlocking the country even
02:55as cases are shooting up.
02:57A lockdown imposed when we had 564 cases is being lifted when we are inching towards 54
03:04lakh cases.