India's growth recovery likely to be hurt by geopolitical crisis: RBI deputy governor Michael Patra

India's growth story remains as weak as it was during the 2013 taper tantrum and recent geopolitical tensions in Ukraine and Russia are further likely to hurt a recovery, Reserve Bank of India deputy governor Michael Patra said on Friday.

"In a sense, India's growth story remains as weak as it was at the time of the 2013 taper tantrum. The recent reverberations of war have in fact, tilted the balance of risks downwards," Patra said in a keynote address at an event organised by the IMC Chamber of Commerce and Industry.

Patra said that though the third wave of the pandemic had a relatively minor impact as reflected in high frequency indicators, the GDP for full year 2021/22 is expected to rise by only 1.8% from its pre-pandemic levels.