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
No. We will not see financial emergency being imposed as the PIB has already clarified that this is completely fake.
Yeah I just checked the tweet from PIB. Thanks for the clarification
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.
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.
What will be the implications if somthing like this happens?
The Centre will acquire full control over the states as far as financial matters are concerned.
So if the central gov takes right steps after declaring financial emergency...will it assure a spreedy recovery of the economy?
Financial emergency would have given more moentary resources to the Centre. How the centre would have used those resources is another story.
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?
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