NITI Aayog vice-chairman Rajiv Kumar has said that the cash crunch on the Indian economy is an unprecedented situation.

Rajiv Kumar said, "In the last 70 years no one has seen a situation where the entire financial sector is going through a period of turmoil and no one in the private sector is trusting anyone else. Nobody is going to give loans to anybody. Not ready, everyone is sitting cash strapped. ''

He said during an event in Delhi that unprecedented steps need to be taken to break this inertia.

Rajiv Kumar said that the government should make every effort to remove the apprehensions of the private sector.

He said, "Everything has changed after demonetisation, GST and IBC (bankruptcy law). Earlier 35% of cash used to be available, it has reduced considerably now. Due to all these reasons the situation has become very complicated."

(Click here for Android APP of IBTN. You can follow us on facebook and Twitter)

Share This News

About sharing