New Delhi : Niti Aayog has sounded alarm on the country’s current economic slowdown describing it as an “unprecedented situation that India has not faced in last 70 years”. The comments made by the Vice Chairman Rajiv Kumar come in the wake of the current economic situation of the country which is facing worst condition of economic crisis in the last 7 decades.
Speaking on the situation, the NITI Aayog Vice Chairman raised alarm on the liquidity situation of the country where the entire financial sector and the government of India is in churn and nobody is trusting anybody else.
Though the government is considering a number of measures to come out of this financial stress and inject pool of energy in the economy, both the government and the Reserve Bank Of India (RBI) have taken a series of measures to deal with stress in the financial sector triggered by default in the infrastructure and financial companies.
In a bid to improve liquidity, the RBI has taken various steps in the past few months as a result of which the cash position in the system has stabilised. Kumar further said that public sector banks have provided liquidity to non-banking finance companies.