On Tuesday, 1st June 2021, Indian leader P. Chidambaram spoke about his POV (point of view) on printing money. In the respective video, he talks:-
"2020-21 has been the darkest year of the economy in nearly four decades. Most Indians are poorer than last year. And the Government must print money if needed".
Meanwhile earlier this year Finance Minister, Nirmala Sitharaman said that she wanted to wait for Budget Schemes to kick in and then decide whether the Stimulus package should be implemented or not.
Read more: What is a Stimulus Package or Fiscal Stimulus?
Later in the video, he said, "When last year the first wave of pandemic hit the Finance Minister and her chief economic advisor began to sell the story of recovery, they saw. What they called Green Shoots when no one else did. The current state of the economy is largely due to the pandemic. But it has been compounded by the ineptitude and incompetent economic management".
"Good advice by distinguished economists and renowned institutions has been rebuffed. Worldwide experience has been ignored. In necessary, the Government must print money".
"We have space and sovereign rights to print money. And if, at any point the government feels that too much money is being printed, it will always stop printing money. But at the moment, I think printing money is clearly advised."
Lately, the Indian Government has been facing the issue as recently after the Second Wave of the pandemic, two cyclones hit India. And the Government has to think about managing all the resources while making sure that the lower middle class doesn't get hurt as it has been hurt from the last year till now.
Later, he said, "This is the time to act boldly and decisively borrow and spend, if necessary print money and spend. Spend on healthcare, spend on infrastructure, but spend".
Nice
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