Unprecedented situation for govt in 70 years, says NITI Aayog VC on liquidity crisis
Unprecedented situation for govt in 70 years, says NITI Aayog VC on liquidity crisis
While describing the current stress in the financial sector as unprecedented in the last 70 years, Niti Aayog VC has said extraordinary steps need to be taken to deal with the crisis
India Today Web Desk
New Delhi
August 23, 2019UPDATED: August 23, 2019 11:40 IST
NITI Aayog Vice-Chairman Rajiv Kumar. (Photo: PTI)
HIGHLIGHTS
NITI Aayog VC has raised concern over the ongoing liquidity crisis
He said the government is facing an unprecedented situation not seen in the last 70 years
Kumar also said there is no trust among businesses in the market
NITI Aayog Vice-Chairman Rajiv Kumar has termed the ongoing stress in financial stress as "unprecedented in the last 70 years" while calling for extraordinary steps to tackle the economic slowdown.
Citing the situation of liquidity crisis in the financial sector and weak private investments, he said the government needs to take "out of the ordinary" steps to revive growth.
Kumar also said that there is no trust in the market, as financial institutions are only indulging in selected lending while denying credit to a large pool of business across sectors.
"This is an unprecedented situation for the government. In the last 70 years, we have not faced this sort of liquidity situation where the entire financial sector is in a churn, and nobody is trusting anybody else," Rajiv Kumar said.
While describing the current stress in the financial sector as unprecedented in the last 70 years, Niti Aayog VC has said extraordinary steps need to be taken to deal with the crisis
India Today Web Desk
New Delhi
August 23, 2019UPDATED: August 23, 2019 11:40 IST
NITI Aayog Vice-Chairman Rajiv Kumar. (Photo: PTI)
HIGHLIGHTS
NITI Aayog VC has raised concern over the ongoing liquidity crisis
He said the government is facing an unprecedented situation not seen in the last 70 years
Kumar also said there is no trust among businesses in the market
NITI Aayog Vice-Chairman Rajiv Kumar has termed the ongoing stress in financial stress as "unprecedented in the last 70 years" while calling for extraordinary steps to tackle the economic slowdown.
Citing the situation of liquidity crisis in the financial sector and weak private investments, he said the government needs to take "out of the ordinary" steps to revive growth.
Kumar also said that there is no trust in the market, as financial institutions are only indulging in selected lending while denying credit to a large pool of business across sectors.
"This is an unprecedented situation for the government. In the last 70 years, we have not faced this sort of liquidity situation where the entire financial sector is in a churn, and nobody is trusting anybody else," Rajiv Kumar said.
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