Ex-RBI chief against prolonged lockdown

Ex-RBI chief against prolonged lockdown

Agency News

A prolonged lockdown may possibly push million of Indians into the 'margins of subsistence', the former RBI Governor, Mr. Duvvuri Subbarao, said on Monday while expecting a ‘V’recovery once the Covid-19 crisis ends and the turnaround in India to be faster than some economies.

'Because most analysts believe this year India will actually have negative growth or growth will contract. We must remember even ahead of the crisis two months ago, our growth slowed. Now it has completely stopped. Last year growth was 5 per cent... we are going to negative or zero growth this year,' he said.

'It is true that India is going to perform in this crisis better than most other countries. But that is no consolation.... We are a very poor country and if the lockdown is not lifted soon enough, it is possible that millions of people will be pushed into margins of subsistence, he said.