A Prolonged Lockdown May Possibly Push Million Of Indians Into The “Margins Of Subsistence”, Says Former RBI Governor.

Former RBI Governor Duvvuri Subbarao said on Sunday that, a prolonged lockdown may possibly push million of Indians into the “margins of subsistence”, while expecting a ”V” curved recovery once the COVID-19 crisis ends and the turnaround in India to be faster than some economies. He was participating in a webinar on “History repeats – but differently- Lessons for the post Corona World,” organised by the Manthan Foundation here, in which former Deputy Governor of RBI Usha Thorat took part.”Because most analysts believe that this year India will actually have negative growth or growth will contract. We must remember that even ahead of the crisis two months ago our growth slowed. Now it has completely stopped. Last year growth was five per cent. Just imagine, five per cent growth last year and we are going to negative or zero growth this year, a decline of five per cent growth,” he said.