Former RBI governor Raghuram Rajan said that he is ready to assist India todeal with the stress on economycaused due to the novel corona virus, if government asks for it. According to him, the world is under deep recession and the economy can only recover next year, if adequate measures are taken to prevent the recurrence of the pandemic.
He expressed the lack of foreign exchange to be the first sign of difficulties the government will face to boost up the economy. He added, although India is not under so much depression as other economies like Brazil, which is down by 25 percent.
With the current lockdown many sectors have been hit badly, affecting aviation and hospitality industry the most where we have seen pay cuts and layoffs. Also, the report of ILO has mentioned as much has 400 million job losses in the country due to the pandemic.
