Chennai: Economic and Political Analyst S Gurumurthy reiterated that there was no slowdown and what people were seeing today is because of the problems in the banking sector. He was speaking at All India Chit Fund Association's Annual General Meeting on Saturday.
"Earlier both capitalists and the communists looked India in the same way. They thought that India cannot achieve development without changing its traditional cultures and values," S Gurumurthy said.
Gurumurthy quoted the statement of G-20 countries and World Bank that 'there cannot be a uniform approach to development' and alleged that previous governments didn't think that way.
"It is only after the Modi government took power, the approach got changed", he said amidst audience's applause.
S Gurumurthy, a Charted Accountant by profession said that the NITI Aayog formulated India-centric development approach.
He pitched for co-operation and mutual trust within communities and said that is a better Indian model of development.
He stressed on the importance of Chit Fund in the Indian household and suggested these companies to expand their business models.
"In future, Chit Fund companies can fund other companies, become an insurer," he added.
The Director of RBI central board said, back in 1980s NBFCs (Non- Banking Financial Corporations) were considered as unreliable and useless.
"But the scenario has changed completely, now the government bodies and Reserve bank of India has acknowledged the importance of NBFCs in the Indian economy".
"Earlier banks didn't have money but now they don't have the mindset to lend money".
Gurumurthy said that Bank merger will give more chances for small finance companies.
Being questioned about the introduction of Bhagavad Gita in Anna University, the RSS idealogue opined that it is unnecessary.
"Those who need to read Gita should read at home," he said.
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