Extension of COVID-19 lockdown may be devastating: Raghuram Rajan
New Delhi: India needs to resume its economy in a 'measured way' and 'as fast as possible' so that people start having jobs, lakhs of which have been lost due to the COVID-19 outbreak, said former Reserve Bank of India Governor Raghuram Rajan.
In an interaction with former Congress president Rahul Gandhi, Rajan said India needed to be quick in resuming the economy and handling fresh COVID-19 cases quickly without having to go for a 'second or a third lockdown', which would be a 'devastating' option for the entire country.
“It is all too easy to cover a lockdown forever, but obviously that is unsustainable for the economy,” said Rajan, adding that zero number of cases by the end of the lockdown would be an unrealistic target in these testing times for India.
Rajan also added tha India will need a budget of Rs 65,000 crore to help the poor when asked how much money would be required to help the poor.
Rajan also raised his concerns on the current testing rate of coronavirus in India, contending that it was nowhere close to the US, which now has the highest number of coronavirus cases.