In this article for The New Indian Express, Shankkar Aiyar urges for immediate economic reforms, in the light of contraction of GDP by 23.9% in Q1 of FY 2020-21.
"The principle of growth tells us that the longer an economy performs below its potential, the deeper it will drag its potential growth rate. As technology expands its footprint, the scope for job creation will shrink. The longer a person is unemployed the higher are the chances of the person being unemployable."
"Context is critical. The principle in medicine and economics are not dissimilar - earlier the better. It is useful to remember what Roman educator and thinker Marcus Fabius Quintilianus said, "Whilst we deliberate how to begin a thing, it grows too late to begin it."
Read the complete article here.