Former Reserve Bank of India (RBI) Governor Raghuram Rajan has said that India’s GDP data should “alarm” all of us.

The reported 23.9% contraction in the economy may worsen when informal sector data is accounted for, said Rajan in a post on his LinkedIn page on Sunday night. Saying that the damage to the Indian economy is far worse than in the U.S. and Italy — two other countries badly affected by the pandemic — Rajan said, “Discretionary spending in India will remain weak until the virus is contained.”

Stating that government-provided relief becomes all the more important, Rajan cautioned, “The current period of market buoyancy already looks like a missed opportunity.”