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

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 last70 years (we) have not faced this sort of liquidity situation where the entirefinancial sector is in churn," and added that the government "must dowhatever it can to take away some of the apprehensions of the privatesector".

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.

The cassendras should now accept that the government is well on top of the situation and will do all it can to revive the 'animal spirits' in the economy. https://t.co/F1mbV3pwfK

— Rajiv Kumar 🇮🇳 (@RajivKumar1) August 23, 2019