ABSTRACT

This paper analyzes the efficacy and skepticism surrounding the economic stimulus package announced by the Indian authorities in response to the Covid-19 pandemic in 2020. While the end of the pandemic is yet to be on the horizon, countries across the world have been undertaking economic stimulus packages of varied nature, depth, and quantum. A scrutiny of these packages show that India has been cautious in formulating policy measures and balancing inter-temporal objectives. The disaggregated economic stimulus package in India belies the justification of it being an adequate stimulus in managing the mammoth crisis, especially when the authorities had resorted to more deferred spending measures while the need of the hour was direct fiscal spending. Specifically, this study argues that the causes behind the fiscal conservativeness might be linked to India’s twin deficits in the fiscal and current account fronts, along with the fear of a potential capital flight and a possible adverse response by the foreign investors.

摘要

本文分析了围绕印度当局为应对 2020 年 Covid-19 大流行而宣布的经济刺激方案的有效性和怀疑态度。虽然大流行尚未结束，但世界各国一直在开展经济活动。不同性质、深度和量子的刺激包。对这些一揽子计划的审查表明，印度在制定政策措施和平衡跨期目标方面一直很谨慎。印度分列的经济刺激计划掩盖了它是应对巨大危机的充分刺激措施的理由，特别是当当局采取更多延期支出措施而此时需要直接财政支出时。具体来说，