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Small positive growth may not be ruled out in FY21, says former RBI Governor Rangarajan

A small positive economic growth in 2020-21 may not be ruled out as sectors like agriculture and essential goods and services were fully operational in the first quarter despite coronavirus-induced lockdown, according to a paper co-authored by former RBI Governor C. Rangarajan.

Mr. Rangarajan and India EY India chief policy advisor D.K. Srivastava in a paper titled ‘India’s Growth Prospects and Policy Options: Emerging from the Pandemic’s Shadow’ stated that the story of the Indian economy as it unfolds under the impact of COVID-19 is disquieting.

The paper noted that although many national and international agencies have projected a sharp contraction in the GDP in 2020-21, ranging from World Bank’s projection of 3.2% to SBI’s 6.8%, there are reasons to believe that the outcome may be better than these strong contractionary prospects.

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