Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 73
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::printArticle() - APP/Controller/ArtileDetailController.php, line 73
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Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
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Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Deprecated (16384): The ArrayAccess methods will be removed in 4.0.0.Use getParam(), getData() and getQuery() instead. - /home/brlfuser/public_html/src/Controller/ArtileDetailController.php, line: 74
 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php. [CORE/src/Core/functions.php, line 311]
Code Context


        trigger_error($message, E_USER_DEPRECATED);

    }
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 You can disable deprecation warnings by setting `Error.errorLevel` to `E_ALL & ~E_USER_DEPRECATED` in your config/app.php.'
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deprecationWarning - CORE/src/Core/functions.php, line 311
Cake\Http\ServerRequest::offsetGet() - CORE/src/Http/ServerRequest.php, line 2421
App\Controller\ArtileDetailController::printArticle() - APP/Controller/ArtileDetailController.php, line 74
Cake\Controller\Controller::invokeAction() - CORE/src/Controller/Controller.php, line 610
Cake\Http\ActionDispatcher::_invoke() - CORE/src/Http/ActionDispatcher.php, line 120
Cake\Http\ActionDispatcher::dispatch() - CORE/src/Http/ActionDispatcher.php, line 94
Cake\Http\BaseApplication::__invoke() - CORE/src/Http/BaseApplication.php, line 235
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\RoutingMiddleware::__invoke() - CORE/src/Routing/Middleware/RoutingMiddleware.php, line 162
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Routing\Middleware\AssetMiddleware::__invoke() - CORE/src/Routing/Middleware/AssetMiddleware.php, line 88
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Error\Middleware\ErrorHandlerMiddleware::__invoke() - CORE/src/Error/Middleware/ErrorHandlerMiddleware.php, line 96
Cake\Http\Runner::__invoke() - CORE/src/Http/Runner.php, line 65
Cake\Http\Runner::run() - CORE/src/Http/Runner.php, line 51
Cake\Http\Server::run() - CORE/src/Http/Server.php, line 98

Warning (512): Unable to emit headers. Headers sent in file=/home/brlfuser/public_html/vendor/cakephp/cakephp/src/Error/Debugger.php line=853 [CORE/src/Http/ResponseEmitter.php, line 48]
Code Context
            if (Configure::read('debug')) {

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		&#039;description&#039; =&gt; &#039;&lt;p style=&quot;text-align:justify&quot;&gt;-Hindustan Times&lt;/p&gt;

&lt;p style=&quot;text-align:justify&quot;&gt;&lt;em&gt;Those sympathetic to the establishment argue that had it not been for the second wave, the economy would have been in a much better shape. Those who disagree claim that even the sequential recovery which was achieved was profit-led and inequality-generating in nature&lt;/em&gt;&lt;/p&gt;

&lt;p style=&quot;text-align:justify&quot;&gt;On June 28, finance minister Nirmala Sitharaman announced an economic package to deal with the adverse effects of the second wave of the pandemic. The contours of the package are similar to what was announced last year when the pandemic first erupted.&lt;/p&gt;

&lt;p style=&quot;text-align:justify&quot;&gt;The actual fiscal cost is only a fraction of the headline number attached to the package. The bulk of the support is in the form of credit guarantees, which means the government only pays in case there is a credit default. This approach is different from what most major economies have adopted, where the fiscal component was a much bigger part of the stimulus.&lt;/p&gt;

&lt;p style=&quot;text-align:justify&quot;&gt;Will this approach work? This question is best addressed by asking another question. Did the policy response to the first Covid-19 wave and the nationwide lockdown work?&lt;/p&gt;

&lt;p style=&quot;text-align:justify&quot;&gt;Unfortunately, it is difficult to arrive at a definitive view on the latter. Those sympathetic to the establishment argue that had it not been for the second wave, the economy would have been in a much better shape. Those who disagree claim that even the sequential recovery which was achieved was profit-led and inequality-generating in nature.&lt;/p&gt;

&lt;p style=&quot;text-align:justify&quot;&gt;This question can be approached in another way. What does a programme of credit guarantee for distress-ridden sectors seek to achieve? The short answer is that it offers a low cost option to a firm to prevent going bankrupt in the short-term. But it is also important to keep in mind the main reason for the distress &amp;mdash; a harsh lockdown completely disrupting business, and deficient demand (which predates the pandemic). This means that unless there is a revival of demand, repeated credit guarantees to protect distress-ridden business is tantamount to kicking the can down the road.&lt;/p&gt;

&lt;p style=&quot;text-align:justify&quot;&gt;The government, while choosing to offer credit guarantees rather than direct fiscal stimulus, is banking on recovery of demand by the time the loans have to be paid back (or written off). Is the government on the same page with private capital on this question? Results of listed firms do not suggest this (see https://bit.ly/3hkGV9D for details). While their profits surged, companies have used the money to deleverage (reduce debt) rather than undertake fresh investments. This implies that companies do not see the need to create more capacity to cater to what could be extra-demand in the future. The economic shock of the second wave, both for businesses and household finances, has made things worse on this front.&lt;/p&gt;

&lt;p style=&quot;text-align:justify&quot;&gt;Please &lt;a href=&quot;https://www.hindustantimes.com/opinion/with-its-economic-policy-the-government-confronts-political-risks-101624971977514.html&quot;&gt;click here&lt;/a&gt; to read more.&amp;nbsp;&lt;/p&gt;
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&lt;p style=&quot;text-align:justify&quot;&gt;The actual fiscal cost is only a fraction of the headline number attached to the package. The bulk of the support is in the form of credit guarantees, which means the government only pays in case there is a credit default. This approach is different from what most major economies have adopted, where the fiscal component was a much bigger part of the stimulus.&lt;/p&gt;

&lt;p style=&quot;text-align:justify&quot;&gt;Will this approach work? This question is best addressed by asking another question. Did the policy response to the first Covid-19 wave and the nationwide lockdown work?&lt;/p&gt;

&lt;p style=&quot;text-align:justify&quot;&gt;Unfortunately, it is difficult to arrive at a definitive view on the latter. Those sympathetic to the establishment argue that had it not been for the second wave, the economy would have been in a much better shape. Those who disagree claim that even the sequential recovery which was achieved was profit-led and inequality-generating in nature.&lt;/p&gt;

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&lt;p style=&quot;text-align:justify&quot;&gt;Please &lt;a href=&quot;https://www.hindustantimes.com/opinion/with-its-economic-policy-the-government-confronts-political-risks-101624971977514.html&quot;&gt;click here&lt;/a&gt; to read more.&amp;nbsp;&lt;/p&gt;
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Those sympathetic to the establishment argue that had it not been for the second wave, the economy would have been in a much better shape. Those who disagree claim that even the sequential recovery which was achieved was profit-led...&#039;
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                <strong>With its economic policy, the government confronts political risks -Roshan Kishore</strong></h1>
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                <p style="text-align:justify">-Hindustan Times</p><p style="text-align:justify"><em>Those sympathetic to the establishment argue that had it not been for the second wave, the economy would have been in a much better shape. Those who disagree claim that even the sequential recovery which was achieved was profit-led and inequality-generating in nature</em></p><p style="text-align:justify">On June 28, finance minister Nirmala Sitharaman announced an economic package to deal with the adverse effects of the second wave of the pandemic. The contours of the package are similar to what was announced last year when the pandemic first erupted.</p><p style="text-align:justify">The actual fiscal cost is only a fraction of the headline number attached to the package. The bulk of the support is in the form of credit guarantees, which means the government only pays in case there is a credit default. This approach is different from what most major economies have adopted, where the fiscal component was a much bigger part of the stimulus.</p><p style="text-align:justify">Will this approach work? This question is best addressed by asking another question. Did the policy response to the first Covid-19 wave and the nationwide lockdown work?</p><p style="text-align:justify">Unfortunately, it is difficult to arrive at a definitive view on the latter. Those sympathetic to the establishment argue that had it not been for the second wave, the economy would have been in a much better shape. Those who disagree claim that even the sequential recovery which was achieved was profit-led and inequality-generating in nature.</p><p style="text-align:justify">This question can be approached in another way. What does a programme of credit guarantee for distress-ridden sectors seek to achieve? The short answer is that it offers a low cost option to a firm to prevent going bankrupt in the short-term. But it is also important to keep in mind the main reason for the distress &mdash; a harsh lockdown completely disrupting business, and deficient demand (which predates the pandemic). This means that unless there is a revival of demand, repeated credit guarantees to protect distress-ridden business is tantamount to kicking the can down the road.</p><p style="text-align:justify">The government, while choosing to offer credit guarantees rather than direct fiscal stimulus, is banking on recovery of demand by the time the loans have to be paid back (or written off). Is the government on the same page with private capital on this question? Results of listed firms do not suggest this (see https://bit.ly/3hkGV9D for details). While their profits surged, companies have used the money to deleverage (reduce debt) rather than undertake fresh investments. This implies that companies do not see the need to create more capacity to cater to what could be extra-demand in the future. The economic shock of the second wave, both for businesses and household finances, has made things worse on this front.</p><p style="text-align:justify">Please <a href="https://www.hindustantimes.com/opinion/with-its-economic-policy-the-government-confronts-political-risks-101624971977514.html" title="https://www.hindustantimes.com/opinion/with-its-economic-policy-the-government-confronts-political-risks-101624971977514.html">click here</a> to read more.&nbsp;</p>               </font>
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&lt;p style=&quot;text-align:justify&quot;&gt;&lt;em&gt;Those sympathetic to the establishment argue that had it not been for the second wave, the economy would have been in a much better shape. Those who disagree claim that even the sequential recovery which was achieved was profit-led and inequality-generating in nature&lt;/em&gt;&lt;/p&gt;

&lt;p style=&quot;text-align:justify&quot;&gt;On June 28, finance minister Nirmala Sitharaman announced an economic package to deal with the adverse effects of the second wave of the pandemic. The contours of the package are similar to what was announced last year when the pandemic first erupted.&lt;/p&gt;

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&lt;p style=&quot;text-align:justify&quot;&gt;Will this approach work? This question is best addressed by asking another question. Did the policy response to the first Covid-19 wave and the nationwide lockdown work?&lt;/p&gt;

&lt;p style=&quot;text-align:justify&quot;&gt;Unfortunately, it is difficult to arrive at a definitive view on the latter. Those sympathetic to the establishment argue that had it not been for the second wave, the economy would have been in a much better shape. Those who disagree claim that even the sequential recovery which was achieved was profit-led and inequality-generating in nature.&lt;/p&gt;

&lt;p style=&quot;text-align:justify&quot;&gt;This question can be approached in another way. What does a programme of credit guarantee for distress-ridden sectors seek to achieve? The short answer is that it offers a low cost option to a firm to prevent going bankrupt in the short-term. But it is also important to keep in mind the main reason for the distress &amp;mdash; a harsh lockdown completely disrupting business, and deficient demand (which predates the pandemic). This means that unless there is a revival of demand, repeated credit guarantees to protect distress-ridden business is tantamount to kicking the can down the road.&lt;/p&gt;

&lt;p style=&quot;text-align:justify&quot;&gt;The government, while choosing to offer credit guarantees rather than direct fiscal stimulus, is banking on recovery of demand by the time the loans have to be paid back (or written off). Is the government on the same page with private capital on this question? Results of listed firms do not suggest this (see https://bit.ly/3hkGV9D for details). While their profits surged, companies have used the money to deleverage (reduce debt) rather than undertake fresh investments. This implies that companies do not see the need to create more capacity to cater to what could be extra-demand in the future. The economic shock of the second wave, both for businesses and household finances, has made things worse on this front.&lt;/p&gt;

&lt;p style=&quot;text-align:justify&quot;&gt;Please &lt;a href=&quot;https://www.hindustantimes.com/opinion/with-its-economic-policy-the-government-confronts-political-risks-101624971977514.html&quot;&gt;click here&lt;/a&gt; to read more.&amp;nbsp;&lt;/p&gt;
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&lt;p style=&quot;text-align:justify&quot;&gt;The actual fiscal cost is only a fraction of the headline number attached to the package. The bulk of the support is in the form of credit guarantees, which means the government only pays in case there is a credit default. This approach is different from what most major economies have adopted, where the fiscal component was a much bigger part of the stimulus.&lt;/p&gt;

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&lt;p style=&quot;text-align:justify&quot;&gt;Unfortunately, it is difficult to arrive at a definitive view on the latter. Those sympathetic to the establishment argue that had it not been for the second wave, the economy would have been in a much better shape. Those who disagree claim that even the sequential recovery which was achieved was profit-led and inequality-generating in nature.&lt;/p&gt;

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&lt;p style=&quot;text-align:justify&quot;&gt;Please &lt;a href=&quot;https://www.hindustantimes.com/opinion/with-its-economic-policy-the-government-confronts-political-risks-101624971977514.html&quot;&gt;click here&lt;/a&gt; to read more.&amp;nbsp;&lt;/p&gt;
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                <strong>With its economic policy, the government confronts political risks -Roshan Kishore</strong></h1>
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                <p style="text-align:justify">-Hindustan Times</p><p style="text-align:justify"><em>Those sympathetic to the establishment argue that had it not been for the second wave, the economy would have been in a much better shape. Those who disagree claim that even the sequential recovery which was achieved was profit-led and inequality-generating in nature</em></p><p style="text-align:justify">On June 28, finance minister Nirmala Sitharaman announced an economic package to deal with the adverse effects of the second wave of the pandemic. The contours of the package are similar to what was announced last year when the pandemic first erupted.</p><p style="text-align:justify">The actual fiscal cost is only a fraction of the headline number attached to the package. The bulk of the support is in the form of credit guarantees, which means the government only pays in case there is a credit default. This approach is different from what most major economies have adopted, where the fiscal component was a much bigger part of the stimulus.</p><p style="text-align:justify">Will this approach work? This question is best addressed by asking another question. Did the policy response to the first Covid-19 wave and the nationwide lockdown work?</p><p style="text-align:justify">Unfortunately, it is difficult to arrive at a definitive view on the latter. Those sympathetic to the establishment argue that had it not been for the second wave, the economy would have been in a much better shape. Those who disagree claim that even the sequential recovery which was achieved was profit-led and inequality-generating in nature.</p><p style="text-align:justify">This question can be approached in another way. What does a programme of credit guarantee for distress-ridden sectors seek to achieve? The short answer is that it offers a low cost option to a firm to prevent going bankrupt in the short-term. But it is also important to keep in mind the main reason for the distress &mdash; a harsh lockdown completely disrupting business, and deficient demand (which predates the pandemic). This means that unless there is a revival of demand, repeated credit guarantees to protect distress-ridden business is tantamount to kicking the can down the road.</p><p style="text-align:justify">The government, while choosing to offer credit guarantees rather than direct fiscal stimulus, is banking on recovery of demand by the time the loans have to be paid back (or written off). Is the government on the same page with private capital on this question? Results of listed firms do not suggest this (see https://bit.ly/3hkGV9D for details). While their profits surged, companies have used the money to deleverage (reduce debt) rather than undertake fresh investments. This implies that companies do not see the need to create more capacity to cater to what could be extra-demand in the future. The economic shock of the second wave, both for businesses and household finances, has made things worse on this front.</p><p style="text-align:justify">Please <a href="https://www.hindustantimes.com/opinion/with-its-economic-policy-the-government-confronts-political-risks-101624971977514.html" title="https://www.hindustantimes.com/opinion/with-its-economic-policy-the-government-confronts-political-risks-101624971977514.html">click here</a> to read more.&nbsp;</p>               </font>
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&lt;p style=&quot;text-align:justify&quot;&gt;&lt;em&gt;Those sympathetic to the establishment argue that had it not been for the second wave, the economy would have been in a much better shape. Those who disagree claim that even the sequential recovery which was achieved was profit-led and inequality-generating in nature&lt;/em&gt;&lt;/p&gt;

&lt;p style=&quot;text-align:justify&quot;&gt;On June 28, finance minister Nirmala Sitharaman announced an economic package to deal with the adverse effects of the second wave of the pandemic. The contours of the package are similar to what was announced last year when the pandemic first erupted.&lt;/p&gt;

&lt;p style=&quot;text-align:justify&quot;&gt;The actual fiscal cost is only a fraction of the headline number attached to the package. The bulk of the support is in the form of credit guarantees, which means the government only pays in case there is a credit default. This approach is different from what most major economies have adopted, where the fiscal component was a much bigger part of the stimulus.&lt;/p&gt;

&lt;p style=&quot;text-align:justify&quot;&gt;Will this approach work? This question is best addressed by asking another question. Did the policy response to the first Covid-19 wave and the nationwide lockdown work?&lt;/p&gt;

&lt;p style=&quot;text-align:justify&quot;&gt;Unfortunately, it is difficult to arrive at a definitive view on the latter. Those sympathetic to the establishment argue that had it not been for the second wave, the economy would have been in a much better shape. Those who disagree claim that even the sequential recovery which was achieved was profit-led and inequality-generating in nature.&lt;/p&gt;

&lt;p style=&quot;text-align:justify&quot;&gt;This question can be approached in another way. What does a programme of credit guarantee for distress-ridden sectors seek to achieve? The short answer is that it offers a low cost option to a firm to prevent going bankrupt in the short-term. But it is also important to keep in mind the main reason for the distress &amp;mdash; a harsh lockdown completely disrupting business, and deficient demand (which predates the pandemic). This means that unless there is a revival of demand, repeated credit guarantees to protect distress-ridden business is tantamount to kicking the can down the road.&lt;/p&gt;

&lt;p style=&quot;text-align:justify&quot;&gt;The government, while choosing to offer credit guarantees rather than direct fiscal stimulus, is banking on recovery of demand by the time the loans have to be paid back (or written off). Is the government on the same page with private capital on this question? Results of listed firms do not suggest this (see https://bit.ly/3hkGV9D for details). While their profits surged, companies have used the money to deleverage (reduce debt) rather than undertake fresh investments. This implies that companies do not see the need to create more capacity to cater to what could be extra-demand in the future. The economic shock of the second wave, both for businesses and household finances, has made things worse on this front.&lt;/p&gt;

&lt;p style=&quot;text-align:justify&quot;&gt;Please &lt;a href=&quot;https://www.hindustantimes.com/opinion/with-its-economic-policy-the-government-confronts-political-risks-101624971977514.html&quot;&gt;click here&lt;/a&gt; to read more.&amp;nbsp;&lt;/p&gt;
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&lt;p style=&quot;text-align:justify&quot;&gt;&lt;em&gt;Those sympathetic to the establishment argue that had it not been for the second wave, the economy would have been in a much better shape. Those who disagree claim that even the sequential recovery which was achieved was profit-led and inequality-generating in nature&lt;/em&gt;&lt;/p&gt;

&lt;p style=&quot;text-align:justify&quot;&gt;On June 28, finance minister Nirmala Sitharaman announced an economic package to deal with the adverse effects of the second wave of the pandemic. The contours of the package are similar to what was announced last year when the pandemic first erupted.&lt;/p&gt;

&lt;p style=&quot;text-align:justify&quot;&gt;The actual fiscal cost is only a fraction of the headline number attached to the package. The bulk of the support is in the form of credit guarantees, which means the government only pays in case there is a credit default. This approach is different from what most major economies have adopted, where the fiscal component was a much bigger part of the stimulus.&lt;/p&gt;

&lt;p style=&quot;text-align:justify&quot;&gt;Will this approach work? This question is best addressed by asking another question. Did the policy response to the first Covid-19 wave and the nationwide lockdown work?&lt;/p&gt;

&lt;p style=&quot;text-align:justify&quot;&gt;Unfortunately, it is difficult to arrive at a definitive view on the latter. Those sympathetic to the establishment argue that had it not been for the second wave, the economy would have been in a much better shape. Those who disagree claim that even the sequential recovery which was achieved was profit-led and inequality-generating in nature.&lt;/p&gt;

&lt;p style=&quot;text-align:justify&quot;&gt;This question can be approached in another way. What does a programme of credit guarantee for distress-ridden sectors seek to achieve? The short answer is that it offers a low cost option to a firm to prevent going bankrupt in the short-term. But it is also important to keep in mind the main reason for the distress &amp;mdash; a harsh lockdown completely disrupting business, and deficient demand (which predates the pandemic). This means that unless there is a revival of demand, repeated credit guarantees to protect distress-ridden business is tantamount to kicking the can down the road.&lt;/p&gt;

&lt;p style=&quot;text-align:justify&quot;&gt;The government, while choosing to offer credit guarantees rather than direct fiscal stimulus, is banking on recovery of demand by the time the loans have to be paid back (or written off). Is the government on the same page with private capital on this question? Results of listed firms do not suggest this (see https://bit.ly/3hkGV9D for details). While their profits surged, companies have used the money to deleverage (reduce debt) rather than undertake fresh investments. This implies that companies do not see the need to create more capacity to cater to what could be extra-demand in the future. The economic shock of the second wave, both for businesses and household finances, has made things worse on this front.&lt;/p&gt;

&lt;p style=&quot;text-align:justify&quot;&gt;Please &lt;a href=&quot;https://www.hindustantimes.com/opinion/with-its-economic-policy-the-government-confronts-political-risks-101624971977514.html&quot;&gt;click here&lt;/a&gt; to read more.&amp;nbsp;&lt;/p&gt;
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                <strong>With its economic policy, the government confronts political risks -Roshan Kishore</strong></h1>
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                <p style="text-align:justify">-Hindustan Times</p><p style="text-align:justify"><em>Those sympathetic to the establishment argue that had it not been for the second wave, the economy would have been in a much better shape. Those who disagree claim that even the sequential recovery which was achieved was profit-led and inequality-generating in nature</em></p><p style="text-align:justify">On June 28, finance minister Nirmala Sitharaman announced an economic package to deal with the adverse effects of the second wave of the pandemic. The contours of the package are similar to what was announced last year when the pandemic first erupted.</p><p style="text-align:justify">The actual fiscal cost is only a fraction of the headline number attached to the package. The bulk of the support is in the form of credit guarantees, which means the government only pays in case there is a credit default. This approach is different from what most major economies have adopted, where the fiscal component was a much bigger part of the stimulus.</p><p style="text-align:justify">Will this approach work? This question is best addressed by asking another question. Did the policy response to the first Covid-19 wave and the nationwide lockdown work?</p><p style="text-align:justify">Unfortunately, it is difficult to arrive at a definitive view on the latter. Those sympathetic to the establishment argue that had it not been for the second wave, the economy would have been in a much better shape. Those who disagree claim that even the sequential recovery which was achieved was profit-led and inequality-generating in nature.</p><p style="text-align:justify">This question can be approached in another way. What does a programme of credit guarantee for distress-ridden sectors seek to achieve? The short answer is that it offers a low cost option to a firm to prevent going bankrupt in the short-term. But it is also important to keep in mind the main reason for the distress &mdash; a harsh lockdown completely disrupting business, and deficient demand (which predates the pandemic). This means that unless there is a revival of demand, repeated credit guarantees to protect distress-ridden business is tantamount to kicking the can down the road.</p><p style="text-align:justify">The government, while choosing to offer credit guarantees rather than direct fiscal stimulus, is banking on recovery of demand by the time the loans have to be paid back (or written off). Is the government on the same page with private capital on this question? Results of listed firms do not suggest this (see https://bit.ly/3hkGV9D for details). While their profits surged, companies have used the money to deleverage (reduce debt) rather than undertake fresh investments. This implies that companies do not see the need to create more capacity to cater to what could be extra-demand in the future. The economic shock of the second wave, both for businesses and household finances, has made things worse on this front.</p><p style="text-align:justify">Please <a href="https://www.hindustantimes.com/opinion/with-its-economic-policy-the-government-confronts-political-risks-101624971977514.html" title="https://www.hindustantimes.com/opinion/with-its-economic-policy-the-government-confronts-political-risks-101624971977514.html">click here</a> to read more.&nbsp;</p>               </font>
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<p style="text-align:justify"><em>Those sympathetic to the establishment argue that had it not been for the second wave, the economy would have been in a much better shape. Those who disagree claim that even the sequential recovery which was achieved was profit-led and inequality-generating in nature</em></p>

<p style="text-align:justify">On June 28, finance minister Nirmala Sitharaman announced an economic package to deal with the adverse effects of the second wave of the pandemic. The contours of the package are similar to what was announced last year when the pandemic first erupted.</p>

<p style="text-align:justify">The actual fiscal cost is only a fraction of the headline number attached to the package. The bulk of the support is in the form of credit guarantees, which means the government only pays in case there is a credit default. This approach is different from what most major economies have adopted, where the fiscal component was a much bigger part of the stimulus.</p>

<p style="text-align:justify">Will this approach work? This question is best addressed by asking another question. Did the policy response to the first Covid-19 wave and the nationwide lockdown work?</p>

<p style="text-align:justify">Unfortunately, it is difficult to arrive at a definitive view on the latter. Those sympathetic to the establishment argue that had it not been for the second wave, the economy would have been in a much better shape. Those who disagree claim that even the sequential recovery which was achieved was profit-led and inequality-generating in nature.</p>

<p style="text-align:justify">This question can be approached in another way. What does a programme of credit guarantee for distress-ridden sectors seek to achieve? The short answer is that it offers a low cost option to a firm to prevent going bankrupt in the short-term. But it is also important to keep in mind the main reason for the distress &mdash; a harsh lockdown completely disrupting business, and deficient demand (which predates the pandemic). This means that unless there is a revival of demand, repeated credit guarantees to protect distress-ridden business is tantamount to kicking the can down the road.</p>

<p style="text-align:justify">The government, while choosing to offer credit guarantees rather than direct fiscal stimulus, is banking on recovery of demand by the time the loans have to be paid back (or written off). Is the government on the same page with private capital on this question? Results of listed firms do not suggest this (see https://bit.ly/3hkGV9D for details). While their profits surged, companies have used the money to deleverage (reduce debt) rather than undertake fresh investments. This implies that companies do not see the need to create more capacity to cater to what could be extra-demand in the future. The economic shock of the second wave, both for businesses and household finances, has made things worse on this front.</p>

<p style="text-align:justify">Please <a href="https://www.hindustantimes.com/opinion/with-its-economic-policy-the-government-confronts-political-risks-101624971977514.html">click here</a> to read more.&nbsp;</p>
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<p style="text-align:justify"><em>Those sympathetic to the establishment argue that had it not been for the second wave, the economy would have been in a much better shape. Those who disagree claim that even the sequential recovery which was achieved was profit-led and inequality-generating in nature</em></p>

<p style="text-align:justify">On June 28, finance minister Nirmala Sitharaman announced an economic package to deal with the adverse effects of the second wave of the pandemic. The contours of the package are similar to what was announced last year when the pandemic first erupted.</p>

<p style="text-align:justify">The actual fiscal cost is only a fraction of the headline number attached to the package. The bulk of the support is in the form of credit guarantees, which means the government only pays in case there is a credit default. This approach is different from what most major economies have adopted, where the fiscal component was a much bigger part of the stimulus.</p>

<p style="text-align:justify">Will this approach work? This question is best addressed by asking another question. Did the policy response to the first Covid-19 wave and the nationwide lockdown work?</p>

<p style="text-align:justify">Unfortunately, it is difficult to arrive at a definitive view on the latter. Those sympathetic to the establishment argue that had it not been for the second wave, the economy would have been in a much better shape. Those who disagree claim that even the sequential recovery which was achieved was profit-led and inequality-generating in nature.</p>

<p style="text-align:justify">This question can be approached in another way. What does a programme of credit guarantee for distress-ridden sectors seek to achieve? The short answer is that it offers a low cost option to a firm to prevent going bankrupt in the short-term. But it is also important to keep in mind the main reason for the distress &mdash; a harsh lockdown completely disrupting business, and deficient demand (which predates the pandemic). This means that unless there is a revival of demand, repeated credit guarantees to protect distress-ridden business is tantamount to kicking the can down the road.</p>

<p style="text-align:justify">The government, while choosing to offer credit guarantees rather than direct fiscal stimulus, is banking on recovery of demand by the time the loans have to be paid back (or written off). Is the government on the same page with private capital on this question? Results of listed firms do not suggest this (see https://bit.ly/3hkGV9D for details). While their profits surged, companies have used the money to deleverage (reduce debt) rather than undertake fresh investments. This implies that companies do not see the need to create more capacity to cater to what could be extra-demand in the future. The economic shock of the second wave, both for businesses and household finances, has made things worse on this front.</p>

<p style="text-align:justify">Please <a href="https://www.hindustantimes.com/opinion/with-its-economic-policy-the-government-confronts-political-risks-101624971977514.html">click here</a> to read more.&nbsp;</p>
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$metaTitle = 'LATEST NEWS UPDATES | With its economic policy, the government confronts political risks -Roshan Kishore'
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Those sympathetic to the establishment argue that had it not been for the second wave, the economy would have been in a much better shape. Those who disagree claim that even the sequential recovery which was achieved was profit-led...'
$disp = '<p style="text-align:justify">-Hindustan Times</p><p style="text-align:justify"><em>Those sympathetic to the establishment argue that had it not been for the second wave, the economy would have been in a much better shape. Those who disagree claim that even the sequential recovery which was achieved was profit-led and inequality-generating in nature</em></p><p style="text-align:justify">On June 28, finance minister Nirmala Sitharaman announced an economic package to deal with the adverse effects of the second wave of the pandemic. The contours of the package are similar to what was announced last year when the pandemic first erupted.</p><p style="text-align:justify">The actual fiscal cost is only a fraction of the headline number attached to the package. The bulk of the support is in the form of credit guarantees, which means the government only pays in case there is a credit default. This approach is different from what most major economies have adopted, where the fiscal component was a much bigger part of the stimulus.</p><p style="text-align:justify">Will this approach work? This question is best addressed by asking another question. Did the policy response to the first Covid-19 wave and the nationwide lockdown work?</p><p style="text-align:justify">Unfortunately, it is difficult to arrive at a definitive view on the latter. Those sympathetic to the establishment argue that had it not been for the second wave, the economy would have been in a much better shape. Those who disagree claim that even the sequential recovery which was achieved was profit-led and inequality-generating in nature.</p><p style="text-align:justify">This question can be approached in another way. What does a programme of credit guarantee for distress-ridden sectors seek to achieve? The short answer is that it offers a low cost option to a firm to prevent going bankrupt in the short-term. But it is also important to keep in mind the main reason for the distress &mdash; a harsh lockdown completely disrupting business, and deficient demand (which predates the pandemic). This means that unless there is a revival of demand, repeated credit guarantees to protect distress-ridden business is tantamount to kicking the can down the road.</p><p style="text-align:justify">The government, while choosing to offer credit guarantees rather than direct fiscal stimulus, is banking on recovery of demand by the time the loans have to be paid back (or written off). Is the government on the same page with private capital on this question? Results of listed firms do not suggest this (see https://bit.ly/3hkGV9D for details). While their profits surged, companies have used the money to deleverage (reduce debt) rather than undertake fresh investments. This implies that companies do not see the need to create more capacity to cater to what could be extra-demand in the future. The economic shock of the second wave, both for businesses and household finances, has made things worse on this front.</p><p style="text-align:justify">Please <a href="https://www.hindustantimes.com/opinion/with-its-economic-policy-the-government-confronts-political-risks-101624971977514.html" title="https://www.hindustantimes.com/opinion/with-its-economic-policy-the-government-confronts-political-risks-101624971977514.html">click here</a> to read more.&nbsp;</p>'
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With its economic policy, the government confronts political risks -Roshan Kishore

-Hindustan Times Those sympathetic to the establishment argue that had it not been for the second wave, the economy would have been in a much better shape. Those who disagree claim that even the sequential recovery which was achieved was profit-led and inequality-generating in nature On June 28, finance minister Nirmala Sitharaman announced an economic package to deal with the adverse effects of the second wave of the pandemic. The contours of the package are similar to what was announced last year when the pandemic first erupted. The actual fiscal cost is only a fraction of the headline number attached to the package. The bulk of the support is in the form of credit guarantees, which means the government only pays in case there is a credit default. This approach is different from what most major economies have adopted, where the fiscal component was a much bigger part of the stimulus. Will this approach work? This question is best addressed by asking another question. Did the policy response to the first Covid-19 wave and the nationwide lockdown work? Unfortunately, it is difficult to arrive at a definitive view on the latter. Those sympathetic to the establishment argue that had it not been for the second wave, the economy would have been in a much better shape. Those who disagree claim that even the sequential recovery which was achieved was profit-led and inequality-generating in nature. This question can be approached in another way. What does a programme of credit guarantee for distress-ridden sectors seek to achieve? The short answer is that it offers a low cost option to a firm to prevent going bankrupt in the short-term. But it is also important to keep in mind the main reason for the distress — a harsh lockdown completely disrupting business, and deficient demand (which predates the pandemic). This means that unless there is a revival of demand, repeated credit guarantees to protect distress-ridden business is tantamount to kicking the can down the road. The government, while choosing to offer credit guarantees rather than direct fiscal stimulus, is banking on recovery of demand by the time the loans have to be paid back (or written off). Is the government on the same page with private capital on this question? Results of listed firms do not suggest this (see https://bit.ly/3hkGV9D for details). While their profits surged, companies have used the money to deleverage (reduce debt) rather than undertake fresh investments. This implies that companies do not see the need to create more capacity to cater to what could be extra-demand in the future. The economic shock of the second wave, both for businesses and household finances, has made things worse on this front. Please click here to read more.