Blaming Raghuram Rajan's policies for low GDP, Kumar said that due to Raghuram Rajan's policies GDP had been impacted. Another reason that impacted growth was rising NPAs in the banking sector.
Due to RBI's ex governor Raghuram rajan's policies, the growth rate declined, said Niti Aayog's Vice Chairman Rajiv Kumar. Kumar said that the growth rate declined due to rising NPAs in banking sector.
Blaming Raghuram Rajan's policies for low GDP, Kumar said that due to Raghuram Rajan's policies GDP had been impacted. Another reason that impacted growth was rising NPAs in the banking sector.
"Growth was declining because of rising NPAs in banking sector. It happened because under previous governor Mr Rajan, RBI brought in new mechanisms to identify stressed NPAs and bad loans continued to go up which is why banking sector stopped giving credit to industry", Rajiv Kumar said.
Meanwhile, just before the 2019 general elections, former RBI governor Raghuram Rajan has an advice for the Modi government. According to Rajan, before the general elections, the Centre should consider bringing down the fiscal deficit, he advised the government to reduce current account deficit (CAD), which is expected to touch a historic high of 2.5 per cent of the GDP by the end of this year.
In an interview to Bloomberg, Raghuram Rajan said that the government should focus on stabilising macroeconomic fundamentals instead of being worried about the weakening rupee. He also said that a weak rupee should not be a concerned at the moment. Earlier in an interview to different publication, Rajan had said that he was not too concerned about the domestic currency as "it is more a factor of dollar strength rather than necessarily rupee weakness".
“Just to be fair, the Indian authorities have brought down the fiscal deficit, what has expanded is the current account deficit – a lot of it driven by higher oil prices. Now, the rupee has depreciated but not to worrying levels. It’s sort of dollar strength around the world, and to some extent, the rupee had to depreciate over time,” he explained in his Bloomberg interview.
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 "Meanwhile, just before the 2019 general elections, former RBI governor Raghuram Rajan has an advice for the Modi government.")
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