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Days After Economic Growth Slumped to 6-Year Low, Nirmala Sitharaman Accepts India is Facing Challenges

Finance Minister Nirmala Sitharaman said questions are being asked about the nature of the country's economic slowdown, which is affecting the global economy.

PTI

Updated:November 10, 2019, 11:37 PM IST
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Days After Economic Growth Slumped to 6-Year Low, Nirmala Sitharaman Accepts India is Facing Challenges
File photo of Finance Minister Nirmala Sitharaman. (PTI)

New Delhi: Finance Minister Nirmala Sitharaman on Sunday unveiled a book on global finance, and said it suggests solution for challenges that the world and Indian economy is currently facing.

Launching the book titled 'The Rise of Finance: Causes, Consequences and Cure', she said it will help "understand the current economic situation facing both the world and Indian economy".

The book is co-authored by V Anantha Nageswaran and Gulzar Natarajan. Nageswaran is dean of IFMR Graduate School of Business at Krea University. Natarajan is senior managing director at Global Innovation Fund.

"As a textbook, I am sure it will become very popular and more importantly, this will be a book that is very relevant to those of us, sitting on the policy making table. Secondly, its relevance and the timing of the launch of the book in India. We are currently facing a challenging time," the minister said.

She said it has come at a time when questions are being asked about the nature of the slowdown, which is affecting the global economy and bogging it down and indeed questioning if India is actually in a slowdown.

"...the book examines the rise of financialisation globally. I really commend the prescriptive and descriptive narrative that supports the topic of financialisation and the solutions that have been prescribed for situations that the world and Indian economy is currently facing," Sitharaman said.

India's economic growth slumped to an over six-year low of 5 per cent in the first quarter ended June this fiscal due to slower consumer demand and private investment amid deteriorating global environment.

This has prompted many global agencies to cut India's GDP growth by various degrees for 2019-20.

The RBI, in October monetary policy review, had cut sharply its economic growth projection for the country for this fiscal to 6.1 per cent from 6.9 per cent earlier, expressing hope it will

recover in the second half of 2019-20.

The government has recently announced a slew of measures, including cut in corporate tax rate, capital infusion into public sector banks, setting up a Rs 25,000 crore fund to boost realty sector, among others, to boost the economy.

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