Current economic slowdown “unprecedented in 70 years”: NITI Aayog VC

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At a time when Indian economy is facing the worst slowdown in almost five years, NITI Aayog Vice Chairman (VC) Rajiv Kumar termed it is an “Unprecedented situation in 70 years”.

According to news agency ANI report, Kumar said, “From last 70 years (we) have not faced this sort of liquidity situation where the entire financial sector is in churn,” and added that the government “must do whatever it can to take away some of the apprehensions of the private sector”.

The VC is also of the view that the entire economic situation had changed after implementation of initiatives like demonetization, Goods and Service Tax and Insolvency and Bankruptcy Code.

Referring to the liquidity situation, Kumar said, “Nobody is trusting anybody else. It’s not just the government and the private sector, within the private sector, nobody wants to lend to anybody else.”

However, after NITI Aayog VC’s comments sent media abuzz, Kumar took to Twitter and urged to not misinterpret his statements.

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