said the key question was how the economy would perform after that. “References to V-shaped recovery obfuscate more than they reveal," it said.
The fact is that economic hysteresis, the medium to long-term footprint of a major economic shock, is indeed very long, the think tank said.
After 2020-21, annual growth of 7 per cent would imply a growth swing of 20 per cent not seen so far in India.
“Assuming optimistically that 7 per cent growth is indeed achieved because of the base effect of a steep decline in 2020-21, combined with strong policy measures to revive growth, we would still reach the previous peak output level of 2019-20 only by the end of 2022-23.