The minutes of the Monetary Policy Committee (MPC), an important indicator of the macros, were released on Friday evening. The fears expressed by several members of the MPC about India’s gross domestic product (GDP) growth is the biggest takeaway from the minutes.

This is the first time that experts in official circles are acknowledging that the damage to the economy goes beyond the current year and indeed can mean that the 7 percent average GDP of the last two decades is gone for the next few years. "The damage is so deep and extensive that India’s potential output has been pushed down, and it will take years to repair," said Michael Patra, an MPC member and RBI deputy governor.

Another RBI deputy governor and MPC member Janak Raj explained how severely India’s investment capability has been damaged with private and government capex likely to take a hit.

To discuss the MPC minutes, CNBC-TV18’s Latha Venkatesh spoke to Abhishek Upadhyay, senior economist at ICICI Securities Primary Dealership; and Taimur Baig, managing director and chief economist at DBS Group Research.