Banking sector in India under 'stress', govt not in a position to bail it out, says Abhijit Banerjee
4 years, 11 months ago

Banking sector in India under 'stress', govt not in a position to bail it out, says Abhijit Banerjee

Firstpost  

Speaking to the media on the sidelines of the 13th Jaipur Literature Festival, Abhijit Banerjee said the demand slowdown in the automobile sector also shows that people are lacking confidence in the economy Jaipur: Nobel laureate and economist Abhijit Banerjee on Sunday said the banking sector in the country was “stressed” and that the government was in no position to bail it out. Speaking to the media on the sidelines of the 13th Jaipur Literature Festival, Banerjee said the demand slowdown in the automobile sector also shows that people are lacking confidence in the economy. “We also know that due to a demand deficit in the economy, cars and two-wheelers are not selling, and those things are signs of a general fact that people lack confidence that the economy is going to grow fast so they are holding back, they are not spending,” he said. “Poverty alleviation has been happening mostly on the strength of the fact that the urban sector creates low skill jobs, and a lot of rural sector works in the urban sector and sends money back.

Economy Sector Banerjee Banking Sector  confidence  bail  govt  urban  economy  worry  abhijit  banking  slowdown  stress  rural  going  position  demand  india  banerjee  sector

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