NewsBytes
    Hindi Tamil Telugu
    More
    In the news
    Narendra Modi
    Amit Shah
    Box Office Collection
    Bharatiya Janata Party (BJP)
    OTT releases
    Hindi Tamil Telugu
    NewsBytes
    User Placeholder

    Hi,

    Logout

    India
    Business
    World
    Politics
    Sports
    Technology
    Entertainment
    Auto
    Lifestyle
    Inspirational
    Career
    Bengaluru
    Delhi
    Mumbai

    Download Android App

    Follow us on
    • Facebook
    • Twitter
    • Linkedin
    Home / News / India News / What Nobel laureate Joseph Stiglitz said about India's COVID-19 fight
    Next Article
    What Nobel laureate Joseph Stiglitz said about India's COVID-19 fight

    What Nobel laureate Joseph Stiglitz said about India's COVID-19 fight

    By Siddhant Pandey
    Oct 09, 2020
    01:20 am

    What's the story

    Nobel laureate Joseph Stiglitz on Tuesday criticized the Indian administration over its poor handling of the COVID-19 crisis and its impact on the economy.

    Stiglitz called India a "poster child of what not to do" and said that Prime Minister Narendra Modi has created a Hindu-Muslim divide that has undermined the economy.

    Here's more on what he said.

    Details

    Indian business leaders and economists participated in interaction with Stiglitz

    Stiglitz was speaking during an interaction organized by the Federation of Indian Chambers of Commerce & Industry's (FICCI) West Bengal state council and moderated by its chairperson Rudra Chatterjee.

    He is a professor at Columbia University and had been chief economist at the World Bank from 1997-2000.

    Indian business leaders and economists had participated in the virtual global session.

    Religious divide

    For economic revival, create inclusive society, suggests Stiglitz

    While speaking about how India could revive the pandemic-hit economy, Stiglitz suggested getting rid of the "politics of division" and creating an inclusive society.

    "Modi has tried to divide your country, Muslims against Hindus, and that is going to undermine your society and economy no matter what else happens. This fundamental division will weaken India forever," said the Nobel laureate.

    Quote

    Bringing all faiths together my life's purpose: Rahul Gandhi

    Stiglitz's criticism of PM Modi and the "politics of division" was quoted by Congress leader Rahul Gandhi. Gandhi tweeted on Wednesday, "My life's purpose is to bring people of all faiths together in this land."

    Self-reliance

    No country can be fully 'AatmaNirbhar', says Stiglitz

    Stiglitz also spoke against Modi's AatmaNirbhar (self-reliant) initiative, which the government has been pushing since the pandemic began. He said "no country can be fully self-reliant" in a world where raw materials and technology are often imported.

    Stiglitz said that such an initiative was out of touch with the 21st century and that it is something to be expected from authoritarian regimes.

    Tax

    Increase taxes on ultra-rich: Stiglitz

    Stiglitz also suggested increasing taxes on the very rich to raise resources for the country.

    A Scroll.in report in April stated that a 4% higher tax on the nation's 953 richest families would give the government the equivalent of 1% of India's GDP.

    India had rejected the proposal for an ultra-rich tax presented by the Indian Revenue Service Association in April.

    Lockdown

    'India didn't think what lockdown meant in a poor country'

    Stiglitz also criticized India's implementation of the coronavirus lockdown, which proved to be a tragedy for migrant laborers.

    "[India] picked up one idea that is important. Lockdown. Did not think about what it means in a poor country. How are people going to live? A large number of people moving across the country—one could not have imagined anything worse for spreading the disease."

    Expenditure

    First priority is to help the vulnerable, says Stiglitz

    Further, Stiglitz said, "The first priority is to help the vulnerable but also contain the disease. Spending the money in a way that prevents contagion and also helps people gives double dividends."

    "Let me say very clearly, you can not control the economic aftermath if you cannot control the pandemic," he said. India is notably the world's second worst-hit nation in the outbreak.

    Quote

    'Without spending money, there will be long-term damage'

    Stiglitz said, "A case for spending money is compelling. If we don't, there will be long-term damage. Companies that go bankrupt don't go un-bankrupt in two years."

    He added, "Some spending gives a big bang for the buck and others that don't. By shifting money from those areas to areas where the impact is high, you can maximize the effect even within budgetary constraints."

    Facebook
    Whatsapp
    Twitter
    Linkedin
    Related News
    Latest
    West Bengal
    Narendra Modi
    Rahul Gandhi
    Columbia University

    Latest

    Schiaparelli gown, dazzling Armani dress: Alia turns heads at Cannes Alia Bhatt
    K-pop stars turn demon hunters in Netflix's new animated film K-Pop
    Napoli win Serie A 2024/25 title: Decoding key stats Antonio Conte
    Winner of 'Roadies 20' leaked! Did your fav make it? MTV

    West Bengal

    Kolkata temporarily bans flights from 6 cities starting July 6 Kolkata
    Coronavirus: India's tally jumps to 6.73 lakh; over 19,000 dead India
    Coronavirus: India surpasses Russia to become third worst-hit country India
    Coronavirus: With over 25,000 new cases, India witnesses record spike India

    Narendra Modi

    Modi pays tribute to Atal Bihari Vajpayee on death anniversary Amit Shah
    Dozens from Shaheen Bagh, site of anti-CAA protest, join BJP Muslims
    Classical music legend Pandit Jasraj passes away; Modi condoles death New Jersey
    Naga Peace talks in rough weather, PM involves IB Director Nagaland

    Rahul Gandhi

    Congress interim President Sonia Gandhi admitted to hospital Sonia Gandhi
    PM Narendra Modi's 'Tubelight' jibe at Rahul Gandhi sparks laughter Narendra Modi
    Congress and BJP MPs almost come to blows in Parliament Narendra Modi
    This word from Modi's Rajya Sabha address struck from record Narendra Modi

    Columbia University

    Paul Beatty wins the 2016 Man Booker Prize Supreme Court Of India
    Trump is against freedom of speech, says USA rights institute X
    Ex-FBI director testifies about Trump pressure, Russia investigation Donald Trump
    Trump-ed: US President curbing US citizens rights, results in lawsuit X
    Indian Premier League (IPL) Celebrity Hollywood Bollywood UEFA Champions League Tennis Football Smartphones Cryptocurrency Upcoming Movies Premier League Cricket News Latest automobiles Latest Cars Upcoming Cars Latest Bikes Upcoming Tablets
    About Us Privacy Policy Terms & Conditions Contact Us Ethical Conduct Grievance Redressal News News Archive Topics Archive Download DevBytes Find Cricket Statistics
    Follow us on
    Facebook Twitter Linkedin
    All rights reserved © NewsBytes 2025