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Recovery analysis that points out what India got wrong
Context:
- A recent World Bank report, titled “Correcting Course”, has captured the impact of the COVID-19 pandemic on global poverty, highlighting the rise in inequalities.
How did India fair?
- Rise in poverty: About 5.6 crore people are likely to have slipped into poverty as India’s GDP fell by 7.5% in FY 2020-21.
- Insufficient fiscal stimulation: Although the Government announced a fiscal stimulus worth Rs 2 lakh crore, only a small fraction gets reflected as incremental spending.
- Unable to boost consumption: Stimulus packages in the form of credit lines and refinancing schemes to private enterprises, didn’t realize the goal of boosting household-level consumption.
No long-term solution:
- Pradhan Mantri Garib Kalyan Ann Yojana (PMGKAY): This scheme was continued in the backdrop of obvious household-level distress but it has not met its desired goals.
- Chronic Malnutrition: India has ranked 107th out of 121 countries in the 2022 GHI, which indicates that PMGKAY is not the solution for persisting chronic malnutrition.
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