The biggest economic crisis in the country in 70 years: Rajiv Kumar's revelation

My statement was misplaced, the government is trying to accelerate economic development: controversy has turned

New delhi date. August 23, 2019, Friday

An official of the government has revealed that the country's economy is in a state of crisis right now, which has led to many questions on the government's claims. Rajiv Kumar, vice chairman of the Niti Aayog, expressed concern over the country's economy, saying that no one has ever seen the current state of crisis in the country's economy in the last six years. According to Rajiv Kumar, the cash crisis was increased after the blockade and GST. Rajiv's statement has raised questions on the government.

Rajiv Kumar further said that nobody is trusting anyone at present, no one is willing to give a loan even within the private sector. Everyone is sitting around pressing cash. At the same time, Rajiv advised the government to take some steps out of the leak. The situation has changed since the blockade and the GST. Rajiv said that earlier about 5% cash was available, which has been very low recently. Rajiv had revealed all this while speaking on a public forum in a program.

Stating that the current burden of banks has increased, Rajiv said that NPA has increased after five years. Therefore, the ability of banks to issue new loans has also decreased. The statement of the Vice Chairman of the NITI Aayog about the economy has now also become active and has surrounded the government.

In the midst of the controversy, the vice chairman of the Niti Aayog made it clear and said that I urge the media to stop misrepresenting the statement, the government is working to speed up the economy. It is noteworthy that he had earlier said that the country has the biggest economic crisis in three years. He later said that the media should stop showing my statement inaccurate.

Capital's economic growth rate was estimated at 8.5 percent

Moody's Investor Service on Friday lowered India's economic growth rate from 8.5 percent to 8.5 percent. Export estimates for the calendar year of 9 have been reduced to 8.5 percent.

The sluggish global economy has impacted Asia's exports and uncertain working conditions have forced investment. The decline in consumption, low investment and poor performance of the service sector are affecting the overall economic growth rate of the country.