In the middle of the pandemic, the FCI holds the key to warding off a looming crisis of hunger and starvation. Elaborate (200 Words)
Refer - The Hindu
Enrich the answer from other sources, if the question demands.
IAS Parliament 5 years
KEY POINTS
· As the Indian economy had started out in early 2020 in reasonably poor shape, there was a lot of concern about this combination, of extreme measures impacting upon a weak economy.
· The Disaster Management Act, 2005, was envisioned for dealing with an earthquake or a cyclone: It is a poor vehicle for the conduct of economic policy on a nationwide scale.
· Economic policy works well when there is the slow, intellectual, consultative process of understanding problems, undertaking cost benefit analysis, finding the least coercive intervention, and making small moves.
· Such institutionalised application of mind is born of provisions in laws that establish formal processes for wielding coercive power. The Disaster Management Act, 2005, does not have these checks and balances, as it was never intended to be a key economic law.
· All too often, in the Indian bureaucratic culture, there is low accountability for good outcomes, and there is a great fear of getting into trouble when something goes wrong. This gives officials the incentive to be biased in favour of bans. As an example, all the major countries of the world are signatories to the Financial Action Task Force, but there is no country where its translation into ground reality (KYC and Aadhaar) is more unfriendly to the people.
· This problem affects the drafting and the implementation of rules about social distancing. All across the country, individuals face demeaning experiences with officials throwing their weight around.The market economy is an exquisitely complex ecosystem of myriad voluntary interactions between self-interested people.
· Policymakers need to recognise the complexities associated with major economic policy actions that are implemented at the level of the union government through the Disaster Management Act, and find solutions for these problems.
Deepika 5 years
IAS Parliament 5 years
Cut short the introduction part and try stick to word limit. Answer should not exceed 200 words. Keep Writing.
Deepesh 5 years
IAS Parliament 5 years
Good attempt. Keep Writing.
Deepika 5 years
