Unlocking the economy: Keep going.

These days there is this pointless war of words going on in the political arena and also, to some extent, in the civil society. A segment of some pseudo socialist writers and opinion-makers are accusing the government of not enforcing the lockdown the way it should have been done and for allowing key businesses to operate. They claim that this is just because the government wants to support the country's elite and businessmen so that they can keep on making their profits at the expense of human life. Unbelievable, as nothing could be more absurd and further from the truth. Ironically, these critics not only themselves belong to the so-called 'elite' class they pick on, but also represent the publications that primarily cater to these elite

. And as for the substance of the criticism itself, one can only say that they either do not properly understand the very underlying dynamics of corporate functions or are simply indulging in some inopportune point-scoring at perhaps the most difficult time in our nation's recent history. Given an across-the-board the compression of aggregate demand in the markets; an extremely demanding compliance environment to re-open manufacturing; the sheer ethical burden on an entrepreneur to keep workers safe during work; and numerous other supply chain and distribution challenges, running a businesses these days is at best an exercise in ensuring employment generation cum maintaining a semblance of national industrial life. Thereby, signifying that the country thankfully is still alive and kicking - certainly not profiteering, as is being implied, of any kind. More like a national service by giving something back to the economy through perhaps a symbolic gesture of economic activity that ensures hope does not fade away.

However, the job for the government is far from being done. In fact, it is just beginning. Restarting industrial engines is always the most difficult part that not only requires patience and perseverance, but also commitment on the part of the regulator to support domestic businesses despite strained resources. So, what should the government do? Well, interestingly the answer is not too hard, as it basically requires a simplistic two-pronged approach: a) Give the private sector a free hand along with a level playing field and let the entrepreneurial juices do the rest and b) From the government's self-management perspective, preserve cash.

To explain the latter first: what it means is that the...