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Green shoots are mechanical rebound, don't read much into it: Ex-RBI Guv

Short-term as well as medium-term prospects (for Indian economy) continue to be grim, says D Subbarao

Former Reserve Bank of India governor D Subbarao

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Noting that the RBI has already given guidelines for loan restructuring by banks, Subbarao said, "The government can chip in by taking some of the loan burden of MSMEs and of MUDRA loans."

Press Trust of India New Delhi

6 min read Last Updated : Aug 23 2020 | 11:37 AM IST

Calling 'green shoots' of economic revival as a mechanical rebound, former Reserve Bank Governor D Subbarao says India's short and medium term growth prospects continue to remain grim and the government should not read too much into the economic activity coming back from the depressed base of lockdown.

Indian economy was in a troubled state when the pandemic hit the world. Before the Covid-19 crisis hit India, the real GDP growth had moderated from 7 per cent in 2017-18 to 6.1 per cent in 2018-19 and to 4.2 per cent in 2019-20.

"I don't believe we should read too much

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