NEW DELHI: Former RBI chief Raghuram Rajan weighed in on India's alarming drop in the GDP and that the central government and its bureaucrats need to be frightened out of their complacency due to the same.
Rajan said that a stimulus is critical to prevent an economy without any further effect. The country's economy cannot grow without proper relief measures.
Comparing India to the United States and Italy that faced worse conditions due to the pandemic, he said that India is even worse off.
Due to the pandemic, discretionary spending, especially on high-contact services like restaurants, and the associated employment will remain low and people continue to be affected.
He hopes that the authorities will work hard to do meaningful activities and revive the economy.