International passenger travel would remain shut for a long time, not for weeks but for months, he said citing examples of sectors which will continue to be non-functional. As far as internal economy is concerned, he said, it will be opened up in phases and efforts would be made to provide a cushion to the sectors hit hard by the lockdown through a series of measures from both fiscal and monetary sides.
Sanyal said the RBI has already announced two stimulus packages and Governor Shaktikanta Das has hinted at more measures in the future depending on requirement.
To mitigate hardships faced by the poor, he said, the government last month announced a staggering 1.70 lakh crore rupees package to cushion the bottom of the pyramid by providing free food and ex-gratia.
He said the world has also recognised efficiency of India’s administrative machinery in handling such kind of lockdown without much of a problem.