Covid-19: FRBM framework will need to be updated, says Arvind Subramanian

Former chief economic adviser Arvind Subramanian on Wednesday said the FRBM Act will probably have to be revised by the end of the year as India will witness a sharp decline in GDP growth due to the COVID-19 crisis.

Addressing a webinar organised by EY India, Subramanian further said while labour reforms were necessary, the way they have been done by some states have undermined basic protections to workers, especially in light of the migrant crisis.

"It is going to be a very, very difficult economic year. We should brace ourselves for a sharp decline in GDP growth.

"India's fiscal situation is going