The Covid-19 pandemic has led to an unprecedented public health emergency with countries, including India, under prolonged lockdowns, bringing business activity to an abrupt stop, something that will manifest itself in loss of economic growth and job losses. The government has announced an economic relief package to alleviate the pain of the most vulnerable sections of the society, but the rest of the economy, particularly India Inc, is awaiting a fiscal stimulus. To understand the challenges facing the country, Mint spoke to Arvind Virmani who served as the chief economic adviser in the finance ministry from 2007 to 2009 and was India’s executive director at the International Monetary Fund from 2009 to 2013. In an email interview, Virmani talks about how the coronavirus pandemic could be reshaping the future of the Indian economy. Edited excerpts:

Read more