Former prime minister Manmohan Singh and world-renowned economist has proffered three steps to restore the country’s financial health.
Singh, a long-time Congress stalwart who is often credited as the architect of India's economic reforms program, suggested direct cash assistance to protect livelihoods and retain spending power, government-backed credit guarantee schemes to make capital available for businesses, and institutional autonomy to fix the financial sector.
"I do not want to use words like 'depression' in a cavalier fashion," said Singh in a conversation with the BBC, adding that a deep and prolonged economic slowdown was inevitable.
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