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COVID-19 and The Indian Economy: The Debate About a Wage-Led Recovery

In: Economists and COVID-19

Author

Listed:
  • Jayan Jose Thomas

    (Indian Institute of Technology (IIT) Delhi)

Abstract

The COVID-19 pandemic has triggered multiple crises—of health, economy, and livelihoods—in India. The restoration of at least a part of the incomes lost by the overwhelmingly informal workforce in the country during the lockdown period should have been a priority for the government. However, the stimulus packages announced by the government have been inadequate, especially given the magnitude of the employment and livelihood crisis. Some of the policies taken in the wake of the crisis, such as the approval to increase daily working hours to twelve, have led to a weakening of labour’s position vis-à-vis capital. Rather than boosting economic growth, such measures will only worsen the deficiency in aggregate demand and prolong the recession. India’s policy-makers should reconsider the faith they have put in neoclassical economic ideas, which have slowed down employment growth and left millions of people with little access to basic health or education facilities. The pandemic should be an opportunity to build in India an effective and publicly provided social security system as well as rural infrastructure and research institutions.

Suggested Citation

  • Jayan Jose Thomas, 2022. "COVID-19 and The Indian Economy: The Debate About a Wage-Led Recovery," Springer Books, in: Andrés Lazzarini & Denis Melnik (ed.), Economists and COVID-19, chapter 0, pages 27-46, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-05811-0_3
    DOI: 10.1007/978-3-031-05811-0_3
    as

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