August 23, 2019

Unprecedented financial sector crisis in 70 years, says NITI Aayog

Government think tank NITI Aayog on Thursday described the current stress in the financial sector as “unprecedented in the last 70 years”, saying nobody is trusting anyone else in the sector. It made a case for extraordinary steps to deal with the crisis that has resulted in an economic slowdown.

NITI Aayog Vice-Chairman Rajiv Kumar also said there was no business of the government to hold back payments to companies.


“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 that are extraordinary,” Kumar said.

Read more at https://www.business-standard.com/article/economy-policy/unprecedented-financial-sector-crisis-in-70-years-says-niti-aayog-119082300053_1.html

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