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Speaking to a news agency, Banerjee said that everyone blames China for the COVID-19 outbreak, as it originates there.
“China is now blamed for the coronavirus outbreak. Even people say India will benefit as companies change China and come to India. But that may not be true,” said the economist.
Banerjee, who is also a member of the Global Advisory Board formed by the West Bengal government to prepare a roadmap for the COVID-19 response in the state, said: “What happens if China depreciates its currency? In that case, Chinese products will be cheaper and people will continue to buy their products. ”
Speaking about the proportion of gross domestic product (GDP) that the Center plans to spend on an aid package, Banerjee said that countries like the United States, the United Kingdom and Japan are spending a large part of their respective GDP.
“India plans to spend less than one percent of its GDP at Rs 1.70 lakh crore. We should spend a much larger proportion of GDP,” he said.
More about Covid-19
The Center had announced a crore package of more than Rs 1.70 lakh to alleviate the difficulties of the poor affected by the economic disruption due to the coronavirus outbreak.
The winner of the Nobel Prize in Economics said that the main problem is that the country’s people do not have a high purchasing power.
“Poor people now don’t have the money and have little purchasing power. There is also no demand. The government should give money into the hands of ordinary people because they run the economy, not the wealthy,” he said. .
The money must be delivered into the hands of the poor in stages over a period of three to six months, the economist said, adding that if they don’t spend that, there is no problem.
Banerjee considered that it is the responsibility of the Center to take care of the migrant. workers.
“We have not thought about their problems that they will face. They have no shelter or money in their pockets,” he said.
Emergency ration cards need to be issued to everyone for a period of three to six months, he said.
“It is the responsibility of the Center that migrant workers go through various states to reach their homes,” said Banerjee.
He said the central government has taken some steps to provide relief to the people, of which extending the moratorium on loan repayment is one.
“Other measures also need to be taken. But the problem is where the demand is,” he said.
The MIT professor also said that there is no shortage of work in India.
“Workers in Delhi and Bangalore are being asked not to leave the states because there are works,” he said.
Speaking about the national blockade imposed to contain the coronavirus outbreak, he said that it spread in stages and that people were aware of the social distancing and asked to wear masks.
“But that stage is not reached on how to manage the economy while maintaining social distancing,” he said, adding that it is easier said than done.
Regarding sample testing, he said that India is a large country and that the amount of testing should have been more from the start.
“We do not know the extent of the coronavirus outbreak since population tests were not performed,” he said, adding that more tests must be done before lifting the blockade.
In addition, he said: “The more tests, the lower the death rates. In West Bengal, the number of tests has now increased. Therefore, the incremental death rate is gradually decreasing.”
On the increasing number of COVID-19 cases in the country, he said: “It is increasing linearly, not exponentially.”
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