Indian economy may expand by around 5% in FY22: Ex-RBI governor Subbarao

According to Subbarao, the country is going to face its worst recession in the current financial year

The country's economy may expand by around 5 per cent next financial year after likely contracting by 5 per cent this time, former RBI governor Duvvuri Subbarao has said.

Rating agency Crisil on Tuesday had said the Indian economy may shrink by 5 per cent in fiscal 2021, adding this recession could be the country's fourth since Independence and perhaps the worst to date.

"I do believe that getting up to 5 per cent next year (FY22) is quite probable. The reason I say that is because this (COVID-19) is not a natural disaster. Our factories are still standing, our infrastructure