Rajan's policies, not note ban, slowed growth: NITI Aayog's Rajiv Kumar

NITI Aayog Vice Chairman Rajiv Kumar on Monday said the economic slowdown in the immediate six quarters in the aftermath of demonetisation was because of the revised scheme for identifying banking non-performing assets (NPAs), initiated by Raghuram Rajan when he was the governor of the Reserve Bank of India (RBI).

Kumar accused former prime minister Manmohan Singh and senior Congress leader P Chidambaram of creating a “false narrative” that demonetisation led to the economic slowdown. 

The Narendra Modi government has faced much flak from the Opposition after the RBI’s annual report for 2016-17 revealed that 99.3 per cent of the demonetised currency