'Parliamentary panel on finance should meet virtually to take stock of economy': Cong leader Manish Tewari

As India grapples to contain spre of COVID-19, Congress leer Manish Tewari has said Parliamentary Standing Committee on Finance should meet to take stock of country's ecomic situation and suggest ways to come out of financial crisis due to lockdown.

In a letter to Jayant Sinha, Chairman of Parliamentary Standing Committee on Finance, Tewari has urged him to explore feasibility of convening a meeting of panel virtually to take stock of situation.

He said it is important to call meeting as businesses and poor people are suffering amid ongoing nationwide lockdown.

Tewari urged Sinha to seek permission from Lok Sabha speaker for making arrangements for meeting and making secretarial staff available to facilitate it.

He also said views and suggestions of former prime minister Manmohan Singh are pertinent in this regard, as he is a ted ecomist kwn world over.

"With lockdown restrictions set to ease from April 20, may I request you to kindly speak to Speaker and explore feasibility of Parliament Secretariat facilitating it," Congress leer wrote in his letter to Sinha.

He said unemployment rates are soaring with some estimates putting rate of urban unemployment at 30.9 per cent and overall rate at 23.4 per cent.

former Union minister ded that businesses across board need to be recapitalised to kickstart ecomy.

government did anunce some relief measures on March 27, amounting to 0.7-0.8 per cent of GDP, and Reserve Bank of India followed up with some initiatives on Friday. However, experts say that much more is needed to be done, he ted.

"It is in this context, Parliament and especially Parliamentary Standing Committee on Finance shoulders a very important responsibility," Tewari told Sinha.

He said while Parliament h to be journed abruptly on March 23 because of COVID-19, it is still possible for panel to convene a meeting virtually as it has only 30 members.

"Both during World War I and World War II, British Parliament met regularly. same was true of our Parliament during 1965 and 1971 India-Pakistan wars.

" objective of such a meeting is t to exercise oversight on government's ecomic response, though I may dare say that is a legitimate function of Parliament, but to ensure that 30 members on committee are able to constructively eng with government functionaries to fine-tune and precision-point government's response," Congress leer wrote in letter.

ting that COVID-19 is undoubtedly most serious health challenge world has confronted since Spanish Flu of 1918, he said, "y did t kw a virus n and we do t kw coronavirus w."

However, ar equally serious dimension to this unfortunate situation is rapidly deteriorating ecomic scenario, Tewari said, ding that last 25 days have demonstrated how fragile our ecomy is and that poor people are worst sufferers in this trdy.

Highlighting plight of migrants stranded at various places across country, he said a rough estimate puts number of such people on ros or in quarantine camps between eight and 11 crore.

y are barely on a subsistence-level diet, which is hardly eugh to sustain levels of immunity required for fighting disease, Congress leer said, ding that sporic reports of suicides because of ecomic destitution are trickling in.

Im Credits: PTI