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Will Modi Announce Economic Emergency In India?
By: Tupaki Desk | 24 March 2020 4:46 AM GMT
Will the Modi Government invoke a rarely used Article of our constitution and invoke economic emergency in its fight against Corona virus? Since Monday, there is a buzz in the political circle over Prime Minister Modi invoking Article 360 of the constitution, which will enable the Central Government to impose economic emergency.
However, neither Modi nor any of his ministers spoke about this, but senior politician and Rajya Sabha MP Subramaniyan Swamy on Moday stirred a hornet's nest when he tweeted: Is now declaration of Economic Emergency becoming inevitable? Govt must put doubts at rest. With the Corona virus impacting the Indian economy hard, the talk of economic emergency gained traction. The financial pundits began discussing the issue as the sensex plummeted and the rupee has fallen further due to the global financial crisis in the wake of Corona attack.
The Economic Emergency under Article 360 enables the Centre to control the financial spending of the state governments and can even help revise the salaries of the government employees. The economic emergency would be in force for a period of two months. But, if it has to be extended, then the government will have to get it approved by both houses of Parliament.
However, neither Modi nor any of his ministers spoke about this, but senior politician and Rajya Sabha MP Subramaniyan Swamy on Moday stirred a hornet's nest when he tweeted: Is now declaration of Economic Emergency becoming inevitable? Govt must put doubts at rest. With the Corona virus impacting the Indian economy hard, the talk of economic emergency gained traction. The financial pundits began discussing the issue as the sensex plummeted and the rupee has fallen further due to the global financial crisis in the wake of Corona attack.
The Economic Emergency under Article 360 enables the Centre to control the financial spending of the state governments and can even help revise the salaries of the government employees. The economic emergency would be in force for a period of two months. But, if it has to be extended, then the government will have to get it approved by both houses of Parliament.
