V-shaped recovery in Q3, 4; negative GDP growth in FY21 overall: N K Singh

India will see a sharp V-shaped recovery in the third and fourth quarter of the current fiscal, but FY21 GDP growth would ultimately be in negative territory as the coronavirus lockdown led to serious demand and supply dislocations, 15th Finance Commission Chairman N K Singh said on Monday.

Stating that global economic depression will continue to cast shadow on growth prospects next fiscal, Singh said the economic expansion in 2022-23 would determine whether or not the initiatives to revive growth are sustainable.

"This pandemic has led to enormous economic consequences by way of lockdown which brought serious dislocation both on