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Hyderabad: Duvvuri Subbarao says Focus on preventive & not just curative steps
Duvvuri Subbarao says expenditure priorities to be reworked in wake of Covid crisis
Hyderabad: "The fight against Covid-19 should focus on reviving the economy and getting growth back on track without putting extra pressure on the fiscal deficit," observed Dr Duvvuri Subbarao, the former RBI Governor, in his virtual valedictory address to the participants of the Special Foundation Course for 142 Trainee Civil Servants. The course was conducted by Dr MCR HRD Institute.
Dr Subba Rao called upon the officers to give a serious thought to restarting the economy. He said that the RBI has been fairly successful in maintaining financial stability, despite severe pressures on liquidity and on monetary slippage. "Banks, however, have been risk-averse and that is what needs to be altered now through a proper incentive structure and stimulus", he stated and added that now that the government has announced its willingness to stand surety for MSME loans, banks would be eager to lend and provide the necessary working capital to enterprises that are cash-starved, stated a press release.
Dr Subba Rao opined that it is important for the fiscal system to start reviving the virtuous cycle of consumption, production, investment, and job growth as a step in the direction of giving a big boost to the economy and confidence to both markets and investors. While underlining the critical role of migrant labour in this campaign, he called for a fair deal to them.
He called for a reorientation in expenditure priorities in favor of prevention of diseases, rather than merely curing them. He applauded the role of the RBI and said this would result in monetary transmission through banks and NBFCs.
K Srinivas, Additional Secretary to Government of India, DoPT, who was the guest of honor, said that people belonging to different walks of life were now witnessing the exemplary role of government employees, in the fight against Covid 19. "Rigid organisation structures and bureaucratic styles of functioning have become things of the past. Decentralising the decision making process and a role for employees at lower levels in it will be a step in the right direction in ensuring better governance", he added.
B P Acharya, DG, Dr MCR HRDI, informed that that the institute had emerged as a trend-setter in imparting training to civil servants, in virtual mode. He said that civil servants come across multiple crisis situations in their careers. "Instead of shying away, they should face them head-on as they bring in their wake a number of exciting beneficial outcomes," he advised.
