Raghuram Rajan behind India's declining growth, says Niti Aayog VC Rajiv Kumar

NITI Aayog Vice Chairperson Rajiv Kumar

NITI Aayog Vice Chairperson Rajiv Kumar

"Growth was declining due to former RBI Governor Raghuram Rajan's policies", Kumar said in an interview to ANI as India's economy grew at 2-year high of 8.2 percent in the April-June quarter of 2018-19 on strong performance of manufacturing and agriculture sectors.

Congress leader P Chidambaram claimed that more than 100 lives were lost and lakhs of jobs were destroyed due to closure of businesses after demonetisation. "It happened because under previous governor Mr Rajan, RBI brought in new mechanisms to identify stressed NPAs and bad loans continued to go up which is why banking sector stopped giving credit to industry", Rajiv Kumar said. "There is no evidence to show that there is a direct link between demonetisation and the slowdown of the economy", Kumar was quoted as saying. The growth was declining because of the rising NPA, the non-performing assets in the banking sector.

Modi did not mention demonetisation in the last Independence Day speech and Finance Minister Arun Jaitley's responses to proof that the policy failed has been simply to insist that it achieved aims, albeit different ones than were laid out by Modi when he announced it. Kumar's comments, and his pushback against the "false narrative" of Chidambaram and Manmohan Singh, suggest the impression of demonetisation having failed has spread and the best the government can attempt now is damage control. When this [Narendra Modi] government came to office, that figure was about Rs 4 lakh crore.

"I would do it (notes ban) any day to cleanse my economy", NITI Aayog Vice Chairman Rajiv Kumar told NDTV. In fact, in some cases like MSMEs, credit growth shrank. In the following quarter (Q1 of fiscal year 2017-18), the growth rate slumped to a three-year low of 5.7 per cent. "Even in the large industries, the growth of credit came down to measly 1 per cent in some quarters", claimed Niti Aayog vice chairman.

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"This has been the instance of historically the highest deleveraging of the commercial credit to the industries in India's economic history". Never had we seen such a continuous year after year of deleveraging of credit.

"Every sucessive quarter, the growth has been coming down. The current government ramped up the public capital expenditure for the very reason", he said.

This meant just Rs 10,720 crore of the junked currency did not return to the banking system.

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