Instead of acting in dribbles as the government has been doing, it should take an axe to this fleeting problem by declaring FYs 20-21 and 21-22 as “financial zero years”, ie, the entire outstanding debt and accumulated interest for these 24 months should be “rolled forward” in a restructured loan.
I am stating just the principle of what should be done. The nuts and bolts can be crafted by experts. Several models/options can be created, which should ensure that small businesses don’t fold up for want of cash/credit during these 24 months.
I understand that critics will pounce on me for advocating “moral hazard”. But I am not asking for interest forbearance or debt write-offs. I am pushing for a sensible, practical, long-term restructuring of liabilities so that a temporary, 24-month shortage of cash/credit does not lead to massive closures of otherwise healthy businesses. C’mon GOI, please act now.
Students Headed Abroad Allowed to Break The Vaccine Queue: An Initiative That Deserves Applause
Finally, if you believe that “governments can do no right in my playbook”, here is one initiative that I would unreservedly applaud, wherein people who need to go overseas – whether students or employees or athletes for the Tokyo Olympics – are being allowed to “break the queue” and get preferential jabs to qualify as per destination norms.
This is a proactive move by a usually behind-the-curve state. It’s being criticised for being an iniquitous policy, especially against students who are planning to stay in India.
I agree, in a perfect world, in utopia, if vaccines were available on tap for everybody, it’s iniquitous to launch such a preferential scheme. But when there is a crippling paucity, and you have to choose the lesser evil, then it’s better to not kill the dreams and aspirations of a few adventurous souls rather than stick to theoretical tenets of “equality”.
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