The government said on Wednesday that it was aware of the effect of the lockdown on economic activity in the country and was cautiously optimistic about the revival of growth later in the year.
In its macroeconomic report, the finance ministry did not reveal its projections for 20120-21. It, however, said the International Monetary Fund (IMF) had projected India’s GDP growth in FY 2020-21 at 1.9 per cent and 7.4 per cent a year later.
Chief Economic Advisor Krishnamurthy Subramanian also pegged the GDP growth at 2 per cent for FY’21.
His predecessor Arvind Subramanian, however, had doubted IMF’s projections and said the projection was too optimistic.