GDP will make a sharp V recovery: Urjit Patel

New Delhi: Reserve Bank Governor Urjit Patel today said India’s economic growth will make a “sharp V” recovery following the recall of old 500 and 1,000 rupee notes.

Patel also made a strong case for continuing with globalisation even in the face of a potential shift to trade protectionism under US President Donald Trump as India has benefited from open trade.

“Almost everyone agrees that the impact is going to be a sharp ‘V’, that we would have a downgrade of growth for a short period of time,” he told CNBC-TV18 in an interview.

“However, the remonetisation has happened at a fast pace and that was part of the plan.”