New Delhi: NITI Aayog Vice-Chairman Rajiv Kumar on Friday sought to clear the air over media reports quoting him as having said that the ongoing financial crisis was “unprecedented in 70 years”.

Taking to Twitter, Kumar said, “I would request the media to stop misinterpreting my statement. The government has been taking bold steps to accelerate our economy & will continue to do so. There is no need to panic or spread panic.”

He went on to warn the Cassandras to understand that the government was well in control of the situation and tweeted, “The cassendras should now accept that the government is well on top of the situation and will do all it can to revive the ‘animal spirits’ in the economy.”

This comes hours from media reports claiming that there was no trust in the market, as financial institutions are only indulging in selected lending while denying credit to a large pool of business across sectors.

At a summit on Thursday, Kumar reportedly said, “Within the private sector, nobody wants to lend to anybody else. Everyone is sitting on cash.” He added that the government must do whatever it can to remove apprehensions of the private sector.

Meanwhile, Union Finance Minister Nirmala Sitharaman said on Friday evening that the growth rate, in comparison to many countries, was still high and if anything, even in comparison to the US and China, “our growth rate is higher than everybody else”.