‘Not Worried Over Slow GDP Growth Rate’: Former President, Finance Minister Pranab Mukherjee

Former president Pranab Mukherjee on Wednesday (11 December) that he was worried about the current economic slowdown and optimised that “certain things” that were happening now were going to have their impact, Hindustan Times reported.

Iterating that there was nothing wrong if the public sector banks needed capital infusion, the former finance minister during the UPA regime said slow gross domestic product (GDP) growth rate did not worry him.

“I am not worried over the slow rate of GDP growth in the country. Certain things happening will have its impact,” he said while addressing an event at the Indian Statistical Institute (ISI) in Kolkata.

He also remembered that Indian banks showed resilience in 2008 at the time of the global financial crisis. “I was the finance minister then. Not a single public sector bank had approached me for money,” he said.

However, there was nothing wrong if the banks sought huge infusion of capital now, he added.

He also credited the erstwhile planning commission for its role in developing country’s economy, while saying, “I am happy that some functions are still being carried on by the Niti Aayog.”