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Media misinterpreted my statement: NITI Aayog Vice-Chairman Rajiv Kumar

File photo of NITI Aayog Vice Chairman Rajiv Kumar. Photograph:( ANI )

WION Web Team New Delhi, Delhi, India Aug 23, 2019, 07.14 PM (IST)

In an apparent damage control a day after he described the prevailing economic situation as 'unprecedented' calling for 'extraordinary measures', NITI Aayog Vice-Chairman Rajiv Kumar said that his statement was misinterpreted by the media and government has been taking bold steps to boost economy.

"I would request the media to stop misinterpreting my statement. The government has been taking bold steps to accelerate our economy and will continue to do so. There is no need to panic or spread panic," tweeted Rajiv Kumar.

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"The cassendras should now accept that the government is well on top of the situation and will do all it can to revive the 'animal spirits' in the economy," he said in a subsequent tweet.

Kumar has termed the ongoing situation in the financial sector as unprecedented and called for extraordinary steps to tackle it.

"This is an unprecedented situation for the government. In the last 70 years, we have not faced this sort of liquidity situation where the entire financial sector is in a churn, and nobody is trusting anybody else," Kumar had said.

"Within the private sector, nobody wants to lend to anybody else. Everyone is sitting on cash," he said while speaking on Thursday at the Mindmine Summit 2019, the flagship event of the Hero Group.

Kumar said the government must do whatever it can to remove apprehensions of the private sector.

"The whole nature of the game has changed in the past four years after demonetization, GST and IBC. In the earlier period, you had 10, 20, 30, 35 per cent of cash sloshing around which used to help people. That has become much less now," he had said. 

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Kumar has termed the ongoing situation in the financial sector as unprecedented and called for extraordinary steps to tackle it.