Rather than more of the usual incremental steps and little packages which can have little impact on the macroeconomy, the government needs to find ways to give a big impetus to the economy. Given the existing level of public debt, it is not a good idea to increase government borrowing indiscriminately. There needs to be thorough and forward-looking examination of the macroeconomic picture.
Assuming the worst-case scenario, such as a continuation of negative IIP growth, we need to prepare an outline of how the worst can be averted. India has often accepted bold and radical change during a crisis; there is little reason to doubt it will do so now as well.
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