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Though COVID-19 and the subsequent lockdown left a trail of economic devastation on most countries, India can potentially build upon three positive aspects- push in the rural economy, stronger federalism and a huge consumption base, former RBI Governor Duvvuri Subbarao Rao has said.
In his foreword on a Telugu book titled “Maandhyam Mungita Desam” (Nation in Recession) authored by Tummala Kishore, he said the challenge for the government in the months and years ahead is clear: to put the economy back on a healthy growth trajectory and ensure that growth is inclusive, with lower income households too enjoying the benefits of rapid growth.
“The expanded MNREGA provided a lifeline when most needed, and the frontloaded transfer payments to women, pensioners and farmers have put money in the hands of households and have helped revive demand.
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With respect to public goods, focus should be on building a robust social security net which ensures equality in access to quality education, healthcare and an equitable living wage
Some of the most developed nations built their welfare programmes when they were going through a crisis. After World War II, the UK, at its poorest ever in recent history, adopted the National Health Service. Sweden began its welfare programme “folkhemmet” in 1930s when it was facing acute food shortage and an unemployment rate of 25 per cent. The prosperous Basque region of Spain universalised delivery of healthcare under its “Osakidetza” institution in 1980s while still recovering from political turmoil.