Similar to Corona's Holocaust for India's Economy, Former Government Economic Advisor

New Delhi, 29 April 2020, Wednesday

Even though PM Modi on Monday said in a meeting with all the CMs of the country that there was no need to take the tension over the country's economy, Arivand Subramaniam, a former economic adviser to his government, was giving a different warning.

Arivand Subramaniam said the country's economy is not in good shape and is likely to see negative growth this year. For which India has to be ready. The Koro crisis will be a catastrophe for the economy and India will have to be prepared to spend an additional Rs 10 lakh crore in view of this.

The amount that Arivand Subramaniam is talking about is going to be around five per cent of India's total GDP. He said the epidemic came at a time when the Indian economy was struggling. The lockdown policy that India has adopted is no less serious compared to other countries. Even though the International Monetary Fund is projecting India's growth rate at 1.9 per cent, I think this estimate is bizarre. India should plan for this year with negative growth in mind.