Manmohan Singh offers three remedies to help the crumbling economy pull itself together

曼莫汉•辛格提出三项补救措施，助摇摇欲坠的印度经济恢复元气

Amid a rampaging pandemic laying waste to India's economy, former prime minister Manmohan Singh has proffered three steps to restore the country’s financial health.

肆虐的疫情给印度经济造成破坏，印度前总理曼莫汉•辛格提出三项措施，以恢复印度的财政健康。

Singh, a long-time Congress stalwart who is often credited as the architect of India's economic reforms programme, suggested direct cash assistance to protect livelihoods and retain spending power, government-backed credit guarantee schemes to make capital available for businesses, and institutional autonomy to fix the financial sector.

长期以来，辛格一直是国大党的坚定支持者，常被誉为印度经济改革计划的设计师。他建议直接提供现金援助，以保护生计和保持消费能力，实施政府支持的信贷担保计划，为企业提供资金，赋予机构自主权，以修复金融部门。

"I do not want to use words like 'depression' in a cavalier fashion," said Singh in a conversation with the BBC, adding that a deep and prolonged economic slowdown was inevitable.

辛格在接受BBC采访时表示:“我不想随便使用‘萧条’这样的词。”他还补充说，长期的经济衰退是不可避免的。

"This economic slowdown is caused by a humanitarian crisis. It is important to view this from the prism of sentiments in our society than mere economic numbers and methods," he explained.

他解释道:“经济放缓是由人道主义危机造成的。重要的是要从社会情绪来看待这一点，而不仅仅是从经济数据和方法来看。”

Singh's warnings came amid Covid continuing its sharp rise in India, and economists predicting that the country's GDP for FY2020-21 may sharply contract, leading to the worst technical recession in almost 50 years.

在辛格发出警告之际，印度新冠病例继续激增，经济学家预测，在2020-2021财年，印度的GDP可能大幅萎缩，这将导致近50年来最严重的技术性衰退。

Singh says borrowing is the answer to fund direct cash transfers to help businesses with capital and credit. "Higher borrowing is inevitable... Even if we have to spend an additional 10% of the Gross Domestic Product (GDP) to cater to the military, health and economic challenges, it must be done."

辛格称，借贷可以提供直接现金转移资金，帮助企业获得资金和信贷。“举债增加是不可避免的……即使我们不得不额外花费GDP的10%来满足军事、卫生和经济方面的挑战，也必须这么做。”

Talking about the fear around India’s high debt-to-GDP ratio, Singh said the country must not shy away from borrowing, but rather be prudent. If borrowing "can save lives, borders, restore livelihoods and boost economic growth, then it’s worth it," he expounded.

谈到对印度的高债务/GDP比率的担忧时，辛格说，印度不应该回避借款，而应该谨慎行事。他解释说，如果借款“可以拯救生命、维持边界安定、恢复生计、促进经济增长，那就是值得的。”

Global economies in the past have gone through crises with proven economic tools, Singh pointed out. "Now we have an economic crisis caused by an epidemic which has induced fear and uncertainty in society, and monetary policy as an economic tool to counter this crisis is proving to be blunt," Singh said.

辛格指出，过去，全球经济都是靠行之有效的经济工具度过危机的。辛格说:“现在我们面临着一场由传染病引起的经济危机，它在社会上引发了恐惧和不确定性。事实证明，货币政策作为一种经济工具来应对这场危机的效果非常明显。”

Prominent economists, including Nobel-prize wng academic Abhijit Banerjee, believe that India should not be afraid to print money to fund welfare benefits. Many countries have already decided to print money to fund government spending. Singh too is not ruling out the need for it, but is of the opinion that it be used as a last resort.

包括诺贝尔奖得主、学者阿比吉特•班纳吉在内的著名经济学家也认为，印度不应害怕通过印钞来为社会福利提供资金。许多国家已经决定通过印钞来为政府支出提供资金。辛格也不排除这一必要性，但他认为这是最后的选择。

"I am aware that the traditional fear of high inflation due to excess money supply is perhaps no longer valid in developed nations," he said. "But for countries such as India, other than costs of institutional autonomy of the central bank, unbridled printing of money can have attendant impacts on currency, trade and imported inflation."

他说:“我了解传统上对货币供应过剩导致高通胀的担忧，在发达国家可能不再有效了。但对印度这样的国家来说，除了央行机构要付出失去自主权的代价外，不加控制的印钞还会对货币、贸易和输入性通胀产生影响。”

According to Singh, the deep interlinkages that India now has with the world are a cause for concern. "What happens in the global economy will have a significant impact on India's economy,” Singh said. "In this pandemic, the global economy is severely dented and that will be a big cause of concern for India."

辛格说，印度与世界的紧密联系令人担忧。辛格说:“全球经济的变化将对印度经济产生重大影响。在这场疫情期间，全球经济受到严重打击，这将是印度的一大担忧。”

以下是印度经济时报读者的评论：

Francy Mc

great idea...

好主意

Kochar Bipin

The primary cause of the recessionary situation is that RBI thru it's policies has reined in credit growth to way below deposit growth and in fact had starved high employment sectors of credit like real estate at juncture when the economy needs the support most.

经济衰退的主要原因是印度储备银行通过其政策将信贷增长控制在远低于存款增长的水平，事实上，在经济最需要支持的时候，高就业部门如房地产的信贷已经枯竭。

Jag Mohan Manchanda

resume Metro, aviation services and restart social & economic activities. Create demand since pandemic has disrupted it. Govt is only spending on defence these days, which is an issue of security but doesn't help economic recovery. As workers trickle back into cities, construction activity must resume. Wearing of masks and social distancing may be desirable for some more time but pandemic cannot be an excuse for total disruption of economic activity.

恢复地铁、航空服务，重启社会经济活动，创造需求，因为疫情降低了需求。政府现在只在国防上这个安全问题上花钱，但这对经济复苏没有帮助。随着工人慢慢回到城市，建筑活动必须恢复。在一段时间内，戴口罩和保持社交距离是必须的，但疫情不能成为经济活动全面中断的借口。

K Balasubramanian

RBI Governor manmohan singh, a high credible name. FM manmohan initially good. PM manmohan singh , nobody can digest because of the control by the dynasty.

在担任印度央行行长时，辛格的声誉很高，担任印度财政部长初期也还不错，但担任总理之后就不行了，因为他完全受控于国大党。

Darshan Mankotia

I had commented weeks back that Govt should not shy away from monetising deficit. There is no danger of inflation right now. Hence stagnated job must be boosted by increasing infra investment, health care and MSMEs.

几周前我曾评论说，政府不应该回避将赤字货币化，目前没有通货膨胀的危险。因此，必须通过增加对基础设施、医疗行业和中小微企业的投资来增加就业。

Abhineswar Jena

Intelligent people have facts, bhakts have knowledge imbibed from WhatsApp University.

聪明人说话有理有据，人民党的脑残粉只从WhatsApp上学知识

NITIN PARIKH

MS is well past his age.

What matters now is the views of new congress party economist and who has unique talent and highest IQ, the greatest of all Shri Rahul Gandhi.

辛格已经过时了，现在是时候让国大党的新经济学家拉胡尔来发表意见了，他有独特的天赋，他的智商是最高的。

Abhinandan Reddy

Dr Manmohan Singh's adviced two steps, the direct cash transfers and govt backed credit guarantees for loans which have already been implemented by the government, thus needed no mention.

曼莫汉•辛格博士建议采取的两项措施，即直接现金转移和政府支持的信贷担保，现任政府已经实施了，因此无需再提。

harsha vardhan k

He doesn't have any right to suggest to the great nation. When he was in power, what he did was being a puppet and let scams roar.

他没有任何权利向这个伟大的国家提出建议。他掌权的时候，他所做的就是当一个傀儡，让骗局横行。

Nauzal Patell

govt must consider his suggestions this govt is failure in economics still manmohonsingh is best fm till now

政府必须考虑他的建议，现任政府在经济上是失败的，辛格是有史以来最出色的总理

Tarun Pathania

NO DOUBT HE IS NOT ONE OF BEST P. M BUT AS ECONOMIST HE IS BEST.. MUST CONSIDER HIS WORDS

毫无疑问，作为总理，他不是最出色的，但作为经济学家，他是最优秀的，必须考虑他的建议

Ravie Gupta

person who couldn't do as PM is now advising.

不能胜任总理一职的人现在却在提建议。

kranti

get your facts right. his 10 year realm had highest GDP growth. Some years over 10%

弄清楚事实，在辛格执政的10年里，印度GDP增长最快，有些年份增速超过10%

Ashok Agrawal

Former PM Mr.M M Singh's suggestions are by and large fair.Mr. Singh's comments that are in alignment with broader consensus about the recovery measures. The Govt needs to allocate scarce resources towards sustainable projects optimally, with strict action against corruption.

前总理辛格的建议大体上是合理的。辛格的建议与有关经济复苏措施的广泛共识是一致的。政府需要优化分配稀缺资源用于可持续发展项目，同时采取严厉的反腐行动。

Caba San

India has many talents like Dr Manmohan Singh PhD Economics - (1) Dr Abhijeet Banerjee (2) Dr Dr Amartya Sen - Nobel Prize Winners in Economics . MODI - Matric should STEP DOWN to FIX Indias Crumbling Economy by Experts.

印度有许多天才，比如曼莫汉·辛格博士，经济学家阿比吉特·班纳吉博士，阿马蒂亚·森博士（诺贝尔经济学奖得主）。莫迪应该下台，让专家来修复摇摇欲坠的印度经济。

Hemant Pisat

Manmohan Singh had been astute economist which could sustain the 2008 economic crisis.

曼莫汉•辛格是一位精明的经济学家，带领印度渡过了2008年的经济危机。

Sadasivakrishnarao Kasturi

good advise from any quarter should be listened and carefully analysed for economy development

为了经济发展，任何人提的好建议都要听取，并且要仔细分析

Gee Sr

The man who messed up the economy in 10 years of misrule is least qualified to talk

这个人执政10年，搞乱了经济，他是最没有资格提建议的

VVSViswanath

Well said.MMS is no more an economist,he only keeps saying what Sonia permits him to say and nothing else.

说得好。辛格不再是经济学家，他只说索尼娅让他说的话，别的什么也不说。

（译者：Jessica.Wu）