Former Union finance minister P Chidambaram on Thursday said that India's economy is at the "lowest ebb" right now and it may recover in fiscal 2022-23 provided the government does not take any "foolish decisions".
Mr Chidambaram, who has been appointed by the Congress as the party's election observer for Goa, where Assembly polls are due early next year, made the statement during a press conference here on the second day of his two-day visit to the coastal state.
"Indian economy is at the lowest ebb. Please remember that last year we ended with negative growth in GDP…The GDP declined," he said.
"The government talks of V-shaped recovery. In this year, the GDP will not be back to pre-pandemic level. It is only when the GDP goes back to the pre-pandemic level you can say it is recovering," he added.
Mr Chidambaram said that the GDP's recovery may happen in the year 2022-23.
"But everything will depend upon how many foolish decisions the government takes," the Congress veteran said.
"Working Longer Is...": Congress MP On Narayana Murthy's 70-Hour Workweek Stocks Of ITC, Varun Beverages, Godfrey Phillips Decline Amid GST Hike Report ISRO Chief S Somanath Supports Elon Musk’s Model to Boost Space Economy 3 Khalistani Terrorists, Who Attacked Punjab Cops, Killed In UP Encounter Bashar Al-Assad's Wife Files For Divorce, Wants To Return To UK: Report Pics: Rahul Gandhi's Family Lunch At Iconic Delhi Restaurant Murder-Accused Throws Slipper At Judge In Thane Court Forced Nudity, Sleep Deprivation: How CIA Tortured Prisoners At Black Sites Kerala Removes Biomedical Waste Illegally Dumped In Tamil Nadu Track Latest News Live on NDTV.com and get news updates from India and around the world.