Faculty of GL Bajaj Institute of Management & Research, Greater Noida attended an online webinar of Leader Speak Session on the topic “Indian Economy amidst COVID-19” which was organized by All India Management Association (AIMA) on Wednesday, May 13, 2020 under the visionary guidance of Dr. Ajay Kumar, Director, GLBIMR.
The speaker of the session was Dr. Krishnamurthy Subramanian, Chief Economic Advisor, Department of Economic Affairs, Ministry of Finance, Government of India & Mr. Harshpati Singhania, Senior Vice President, AIMA, Director, J.K. Organisation and Vice Chairman & Managing Director, JK Paper Ltd was the moderator of the session.
The session started with deliberations upon economic issues and challenges due to Covid-19 and key measures taken by Govt. of India to sail through this crisis. Dr. Krishnamurthy Subramanian stated that current situation has brought biggest challenge of supply and demand imbalances so government is prioritizing demand creation which is important for the revival of economy. He emphasized that government is targeting at reforms with maximum impact in minimum time frame. He shared that Ms. Nirmala Sitaraman, Finance Minister of India has announced the first phase of economic package that included ?50,000 Crore equity infusion for MSME’s, ?45,000 Crore liquidity infusion, ?90,000 crore liquidity support for Power Distribution Companies and ?100 crore eligible for collateral-free automatic loans under the announcement of “Aatma Nirbhar Bharat” made by Shri Narendra Modi, Prime Minister of India. He also shared government measures and supports the initiative of training process of semi-skilled labour due to change in employment opportunities. He stated that right reforms will create employment in India and government is taking swift steps in the right direction. He also shared that every policy has pros and cons and current package will create more benefits than the cost. Before concluding, he said that there will be more reforms in agriculture sector especially for small and marginal farmers like creation of more flexible formal credit facility and robust supply chain facility along with marketing support for agricultural produce.
Overall, it was a highly informative and insightful session.