FM Sitharaman Accepts Indian Economy Is Currently Facing Challenges, Days After Growth Slumped To A Six-Year Low

Finance Minister Nirmala Sitharaman on Sunday said the economy was currently facing challenges, as she launched ‘The Rise of Finance: Causes, Consequences and Cure’, a book on global finance. She said that the book would help “understand the current economic situation facing both the world and Indian economy”.

“This will be a book that is very relevant to those of us, sitting on the policymaking table. Secondly, its relevance and the timing of the launch of the book in India. We are currently facing a challenging time,” FM Sitharaman said.

Finance Minister Sitharaman on Thursday, November 7 tweeted about India’s performance on the economic front. In a series of tweets, she highlighted the government’s performance in the month of October on parameters ranging from foreign exchange reserves hitting record highs, to rising direct taxpayers, increasing employment, India’s rank improving in World Bank’s Ease of Doing Business Index and India opting out of the mega trade agreement Regional Comprehensive Economic Partnership (RCEP).

India outperforms in October. Here are some highlights on the economic front.

Employment rises. pic.twitter.com/6GQQ1PFiFn

— NSitharamanOffice (@nsitharamanoffc) November 7, 2019

She also tweeted about the country’s foreign exchange reserves rising to record-high $440.751 billion for the week ended October 18.

India’s economic growth slumped to a six-year low of 5 per cent in the June quarter on the back of a fall in consumer demand and private investment. The RBI, in its October monetary policy review, had sharply cut its economic growth projection for the country for this fiscal to 6.1 per cent, from 6.9 per cent earlier.

The government has announced a slew of measures to boost economic activities in the last few months, including a cut in the corporate tax rate, capital infusion into public sector banks, setting up a Rs 25,000 crore fund to finance 1,600 stalled housing projects and kickstart incomplete projects and boost the economy.

Also Read: Alarm Bells For Indian Economy As Eight Core Sectors Register Negative Growth Rate In August