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India needs Rs 65,000 cr to save the poorest and their livelihoods: Rajan

Cyclical lockdown will diminish credibility and be devastating for economic activity, cautions the former RBI governor

Raghuram Rajan put in place a series of actions to impose greater financial discipline on banks and forced them to recognize stressed assets

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Former RBI governor Raghuram Rajan said India needed to have 2 million daily tests to get the level of confidence the US had

BS Web Team New Delhi

2 min read Last Updated : Apr 30 2020 | 12:56 PM IST

India would need approximately Rs 65,000 crore to help the poor and save their livelihoods during the coronavirus lockdown, former Reserve Bank of India (RBI) governor Raghuram Rajan said on Thursday.

In a video-conference call with Rahul Gandhi, Rajan said India's gross domestic product (GDP) was Rs 200 trillion, so if the government wanted to save the poor, it could afford to do that. "Most immediately, keep people well and alive. Food is extremely important. (There are) places where the public distribution system doesn’t go. Amartya Sen, Abhijeet Banerjee and I have talked about temporary ration cards... you have to

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