| Pub. Date | : October, 2021 |
|---|---|
| Product Name | : The IUP Journal of Accounting Research and Audit Practices |
| Product Type | : Article |
| Product Code | : IJARAP441021 |
| Author Name | : Davinder Suri |
| Availability | : YES |
| Subject/Domain | : Finance |
| Download Format | : PDF Format |
| No. of Pages | : 11 |
The start of 2020 posed a challenge to all economies of unprecedented uncertainty with the rapid spread of the Covid-19 pandemic across the world. No country was spared and policy making to protect life and economy hit the ground running. The Indian policymakers decided to focus on saving lives and livelihoods. They exhibited the intent to 'take pain in the near future to ensure gain in the foreseeable future'. The explanation, to this stance by the government, was the compassionate principle promoted in our scriptures, the Mahabharata that "Saving a life that is in jeopardy is the origin of dharma."1
The idea was that economic growth would
eventually recover from the temporary shock
caused by the pandemic; however, the lost
human lives could never be brought back. In
order to safeguard lives of many Indians, a strict
lockdown was imposed in the entire nation as
early as in March 2020. With no one allowed
to venture out, the pandemic spread was
curtailed, and more importantly, it gave the
much-needed time to ramp up the essential
health and testing and life-saving infrastructure.
The government, backed by the Reserve
Bank, in an overdrive momentum, introduced
a slew of structural reforms aimed at