A BOLD NEW DEAL

The prime minister has bitten the bullet in Budget 2021 by spending big and giving a massive push to privatisation to fund his ambitious economic revival plans. Now he needs to ensure speedy delivery of his promises

- RAJ CHENGAPPA

THE SIMILARITIES ARE UNCANNY. In 1933, faced with the Great Depression that saw the American economy severely contract and unemployment soar from 4 per cent to 25 per cent, Franklin D. Roosevelt unveiled what he called the “New Deal” that focused on the 3Rs—relief for the poor and unemployed, recovery of the economy and reform of the financial system that had all but collapsed. Apart from an expansive monetary policy and injecting liquidity into the banking system, Roosevelt launched a major program to build infrastructure, including roads, schools, dams, airports, and hospitals, to provide jobs and income to unemployed millions.