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6 months ago

Is Financial Emergency on the cards?

PM Modi will address the nation at 8 PM tonight. I think a country wide lockdown is imminent, but can he also proclaim Financial Emergency?

The already-in-shambles economy is further hit by Covid-19 which has threatened the financial stability of India.

Will we see financial emergency being imposed for the first time?

Yes, I think financial emergency

.6 months ago

No. We will not see financial emergency being imposed as the PIB has already clarified that this is completely fake. 

.6 months ago

Yeah I just checked the tweet from PIB. Thanks for the clarification 

.6 months ago

Yes, may be because the continued harm to the financial system has actually shattered it. But before think about the economy, more important question is the existence of the nation. So fighting the deadly virus is of more importance even if financial emergency has to be imposes for that. 

.6 months ago

One can understand that to stabilize the economy we have to fight with coronavirus and the current economic situation parallelly. If financial emergency is the solution to deal with the worst recession of all time, we should go for it.

.6 months ago

What will be the implications if somthing like this happens?

.6 months ago

The Centre will acquire full control over the states as far as financial matters are concerned.

.6 months ago

So if the central gov takes right steps after declaring financial emergency...will it assure a spreedy recovery of the economy?

.6 months ago

Financial emergency would have given more moentary resources to the Centre. How the centre would have used those resources is another story. 

.6 months ago

The Constituion does not say much about the provisions of financial emergency, and we have not seen one imposed yet, but yes India is definitely facing a financial threat. 

How about national emergency tho? Can the govt call for nat emergency also?

.6 months ago

I think Govt has no grounds to call for a national emergency. It can be only imposed in case war, external aggression, or armed rebellion.

Since we are not facing any of the above three mentioned issues, I think the idea of imposing a national emergency is far fetched.

But you never know, Modi is known to take bold and controversial steps. Let's see