NEW DELHI: Former Reserve Bank of India governor Raghuram Rajan, in a conversation Congress's Rahul Gandhi, on Thursday, said India needs to open up its economy in a measured way but as quickly as possible in order to save jobs.
In a video conference, Rajan told Gandhi that the country also needs to spend ₹65,000 crore to support the poor--hit the hardest by the covid-19 pandemic-- and suggested empowering local bodies was key to ensuring good governance.
Rajan’s suggestion for quickly opening up the economy follows former chief economic advisor Arvind Subramaniam saying, earlier this week, that Indian policy makers should brace for a significant contraction in economy this fiscal. “We need to open up in a measured way but as fast as