Predicting that the growth rate in the first quarter of the current fiscal may slip into negative, former RBI governor C Rangarajan on Wednesday expressed the view that Prime Minister Narendra Modi's lockdown extension announcement should have included plans to address the issues of migrant labourers and daily wagers.
Rangarajan said though there may be negative growth in the GDP during the first quarter, if the situation recovers during the next three quarters, the growth rate may be closer to 3.5 percent.
"The most important thing is that the hardship of the lockdown is being borne very severely by the vulnerable sections."
Disclaimer: No Business Standard Journalist was involved in creation of this content