New Delhi: The economy requires extraordinary steps to tackle the slowdown in the country, Vice Chairman, Niti Aayog, Rajiv Kumar on Thursday said.
Kumar said the government must do whatever possible to handle the high stress in the financial sector which has resulted in an economic slowdown.
Addressing the Hero Mindmine summit, Kumar said this is an unprecedented situation for the government of India. In the last 70 years nobody had faced this sort of situation where the entire financial system is under threat. Within the private sector nobody is ready to lend, everyone is sitting on cash, he added.
The whole nature of the game has changed after demonetisation, GST and IBC, Kumar said
The vice chairman of Niti Aayog said some steps had already been announced in the Union Budget to address stress in the financial sector and give a push to economic growth which hit a 5-year low of 6.8 per cent in 2018-19.