In this paper, we study the question of hardness-randomness tradeoffs for bounded depth arithmetic circuits. We show that if there is a family of explicit polynomials {f_n}, where f_n is of degree O(log^2n/log^2 log n) in n variables such that f_n cannot be computed by a depth Delta arithmetic circuits of size poly(n), then there is a deterministic sub-exponential time algorithm for polynomial identity testing of arithmetic circuits of depth Delta-5. This is incomparable to a beautiful result of Dvir et al.[SICOMP, 2009], where they showed that super-polynomial lower bounds for depth Delta circuits for any explicit family of polynomials (of potentially high degree) implies sub-exponential time deterministic PIT for depth Delta-5 circuits of...