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LATEST NEWS UPDATES | Need to eliminate distrust within private sector, 'extraordinary' steps needed: NITI Aayog on slowdown

Need to eliminate distrust within private sector, 'extraordinary' steps needed: NITI Aayog on slowdown

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published Published on Aug 24, 2019   modified Modified on Aug 24, 2019
-The Indian Express

Explaining the origins of the present economic situation, the Niti Aayog vice-chairman said: "The entire episode started with indiscriminate lending during 2009-14 leading rise in non-performing assets (NPAs) post-2014."

The Centre’s policy think tank Niti Aayog stated Thursday that the prevalent slowdown in the country’s economy is due to the distrust amongst the private sector where the credit situation is stagnant. “Nobody is trusting anybody else… within the private sector nobody is ready to lend, everyone is sitting on cash…you may have to take steps which are extraordinary,” Niti Aayog vice-chairman Rajiv Kumar was quoted as saying by PTI.

Kumar further stated that ‘extraordinary’ steps are needed to tackle the stress in the financial sector which has led to to a slowdown in the economy. He said that the government need to take measures that eliminate the distrust in the private sector players and encourage them to raise investments.

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The Indian Express, 22 August, 2019, https://indianexpress.com/article/business/economy/slowdown-recession-niti-aayog-private-sector-nbfc-rajiv-kumar-gdp-growth-jobs-loans-credit-5927602/


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