Panaji, Aug 26 (PTI) 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".

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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.

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"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.

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.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)