Many signs indicate that the Indian economy is under grave stress, affecting nearly all sectors. “India’s economy is in a deep mess,” due to initiatives such as demonetization and GST, some lawmakers say, as they urge the government to handle the situation “which is intensifying on a daily basis.”

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‘Unprecedented Situation’

India is facing an economic slowdown not seen in 70 years, Rajiv Kumar, the vice-chairman of Indian policy think tank Niti Aayog, explained at the Hero Mindmine summit last week. The current liquidity crisis has forced businesses to survive on cash since lenders have stopped funding them, he described. “Within the private sector nobody is ready to lend, everyone is sitting on cash.” The vice-chairman was quoted by local media as saying:

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…

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Source: https://news.bitcoin.com/india-facing-unprecedented-economic-slowdown-extraordinary-steps-urged/