{"id":302169,"date":"2018-09-03T13:10:32","date_gmt":"2018-09-03T13:10:32","guid":{"rendered":"http:\/\/tehelka.com\/?p=302169"},"modified":"2018-09-03T13:10:32","modified_gmt":"2018-09-03T13:10:32","slug":"policies-of-raghuram-rajan-led-to-indias-declining-growth-niti-aayog-vice-chairman-rajiv-kumar","status":"publish","type":"post","link":"https:\/\/tehelka.com\/policies-of-raghuram-rajan-led-to-indias-declining-growth-niti-aayog-vice-chairman-rajiv-kumar\/","title":{"rendered":"Policies of Raghuram Rajan led to India&#8217;s declining growth: Niti Aayog vice chairman Rajiv Kumar"},"content":{"rendered":"<p style=\"font-weight: 400; text-align: justify;\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\"><img decoding=\"async\" loading=\"lazy\" class=\" wp-image-302170 aligncenter\" src=\"http:\/\/tehelka.com\/wp-content\/uploads\/2018\/09\/Rajiv-kumar-300x227.jpg\" alt=\"\" width=\"509\" height=\"385\" srcset=\"https:\/\/tehelka.com\/media\/2018\/09\/Rajiv-kumar-300x227.jpg 300w, https:\/\/tehelka.com\/media\/2018\/09\/Rajiv-kumar-80x60.jpg 80w, https:\/\/tehelka.com\/media\/2018\/09\/Rajiv-kumar-555x420.jpg 555w, https:\/\/tehelka.com\/media\/2018\/09\/Rajiv-kumar.jpg 663w\" sizes=\"(max-width: 509px) 100vw, 509px\" \/>Niti Aayog vice chairman Rajiv Kumar on Monday blamed former Reserve Bank of India (RBI) governor Raghuram Rajan for the slowdown in country&#8217;s economy.<\/span><\/p>\n<p style=\"font-weight: 400; text-align: justify;\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">\u201cRaghuram Rajan&#8217;s\u00a0policies led to industries not receiving credits from banks,\u201d said Kumar.<\/span><\/p>\n<p style=\"font-weight: 400; text-align: justify;\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">The growth rate came down in the post-\u00a0demonetisation\u00a0period was not because of\u00a0demonetisation\u00a0but because of the declining trend in the economy, starting from the last quarter of 2015-16, the growth rate had come down for six successive quarters.\u00a0He further added that\u00a0false narrative is being spread about note ban.<\/span><\/p>\n<p style=\"font-weight: 400; text-align: justify;\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">According to Kumar, the growth was declining\u00a0because of the rising\u00a0non-performing assets (NPAs) in the banking sector, adding to it, he said, \u201c(NPAs) rose to Rs 10.5 lakhs crore by the middle of\u00a02017 from Rs 4 lakh crore when Narendra Modi\u2019s government took charge.<\/span><\/p>\n<p style=\"font-weight: 400; text-align: justify;\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">\u201cThe decline in growth was simply a continuation of a trend and not because of the shock of demonetisation as has been claimed. There is no conclusive proof to show that there is link\u00a0between demonetisation and the slowdown of the economy,&#8221; Kumar said.<\/span><\/p>\n<p style=\"font-weight: 400; text-align: justify;\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Even for the large industries, the growth shrank to 1.5 percent from 2 percent and in some quarters even negative. Never had we seen such a continuous and persistent year upon year deleveraging of credit. This is the primary reason of slowdown of growth. The current government ramped up public capital expenditure.<\/span><\/p>\n<p style=\"font-weight: 400; text-align: justify;\"><span style=\"font-family: 'times new roman', times, serif; font-size: 14pt;\">Kumar also said that demonetisation led to an increase in filing of income tax returns.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Niti Aayog vice chairman Rajiv Kumar on Monday blamed former Reserve Bank of India (RBI) governor Raghuram Rajan for the slowdown in country&#8217;s economy. \u201cRaghuram Rajan&#8217;s\u00a0policies led to industries not receiving credits from banks,\u201d said Kumar. The growth rate came down in the post-\u00a0demonetisation\u00a0period was not because of\u00a0demonetisation\u00a0but because of the declining trend in the [&hellip;]<\/p>\n","protected":false},"author":37,"featured_media":302170,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[167],"tags":[2407,3080,4662,913],"_links":{"self":[{"href":"https:\/\/tehelka.com\/rest-api\/wp\/v2\/posts\/302169"}],"collection":[{"href":"https:\/\/tehelka.com\/rest-api\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/tehelka.com\/rest-api\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/tehelka.com\/rest-api\/wp\/v2\/users\/37"}],"replies":[{"embeddable":true,"href":"https:\/\/tehelka.com\/rest-api\/wp\/v2\/comments?post=302169"}],"version-history":[{"count":1,"href":"https:\/\/tehelka.com\/rest-api\/wp\/v2\/posts\/302169\/revisions"}],"predecessor-version":[{"id":302171,"href":"https:\/\/tehelka.com\/rest-api\/wp\/v2\/posts\/302169\/revisions\/302171"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/tehelka.com\/rest-api\/wp\/v2\/media\/302170"}],"wp:attachment":[{"href":"https:\/\/tehelka.com\/rest-api\/wp\/v2\/media?parent=302169"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/tehelka.com\/rest-api\/wp\/v2\/categories?post=302169"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/tehelka.com\/rest-api\/wp\/v2\/tags?post=302169"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}