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November 01, 2019

Financial sector still recovering from ‘excesses of the past’: Niti Aayog VC Rajiv Kumar

In an interview with Shankkar Aiyar, as a part of IDFC Institute’s Artha Dialogues 2019, Rajiv Kumar discusses the structural deficiencies in the financial sector which impede its ability to revive growth. Excerpts below: 

 

"The IL&FS crisis that emerged in August 2018 led to severe liquidity shortage in the financial system making it difficult for many non-banking finance companies and housing finance companies to raise funds from the market."

 

He also reckons a reduction in India’s “regulatory cholesterol” to reform land and labour laws and improve state capacity. Excerpts: 

 

"The Niti Aayog vice chairman pointed out how democratically elected governments are facing a “constraint whether it’s acquisition one of land or changing of labour laws”, and pitched for reduction in the compliance burden in the states."

 

Read the full article here.

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