RBI's former governor Reddy gave a big statement about noteben and GST

RBI governor YV Reddy said, looking at the shocks of economy such as note-taking and GST, the economy needs more than two years' time to recover from this situation and to move forward on high growth path.

He said that this is a setback which started with negative notion. There can be some improvement in it and after that there can be some benefit. At the moment, this time there is trouble and the benefits will come later. It will be beneficial to see how much time it will be, and after how many gaps it will be.

In response to questions from a group of reporters on the weekend in Mumbai, Reddy said that it is difficult to estimate economic growth at this time. He said that it is difficult to say when the economy will again return to the path of a possible high growth of 7.5 to 8 percent.

He recalled that in the last three years, crude oil prices had come to one third of the time when he was the governor of RBI. However, in the meanwhile, economic growth has been affected due to the implementation of GST, the ban on bank robbery and the huge NPA of banks.

Reddy said that during the high growth, there has been a lot of pressure on the company sector due to the reduction in the telecom and coal sector due to the non-thought-out loans and corruption in the previous government. Through this entire development the debt trapped in the banking system increased by 15 percent.