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    Indian economy currently facing challenges, says Sitharaman

    Synopsis

    India's economic growth slumped to an over six-year low of 5% 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 for 2019-20. The RBI too has cut sharply its economic growth projection.

    PTI
    NEW DELHI: Finance Minister Nirmala Sitharaman on Sunday unveiled a book on global finance, and said it suggests solutions 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.
    (Catch all the Business News, Breaking News Events and Latest News Updates on The Economic Times.)

    20 Comments on this Story

    vivek beri258 days ago
    from justice demo(n)(i)-c-rats..aka
    In the 2018 elections, 26 of the 79 candidates endorsed by Justice Democrats won their respective primary elections. Seven of these candidates won in the general election: Raúl Grijalva, Ro Khanna, Ayanna Pressley, Rashida Tlaib, Ilhan Omar, Alexandria Ocasio-Cortez, and Pramila Jayapal. Khanna and Jayapal were both first elected in 2016 before joining Justice Democrats, and Grijalva was first elected to the U.S. House of Representatives in 2002
    Ramanujam Veraswamy277 days ago
    Wordsworth said:
    Quote:
    one impulse from a vernal wood
    May teach you more of man.
    Unquote.
    Instead of sitting in AC room and getting guided by bookish beurocrats who never shoulder any responsibilities,
    it is desirable that FM shall interact with common man and know what they want to formulate inclusive economic policies, which alone will take Indian Economy towards north.
    Ramesh Shah278 days ago
    AT LEAST THE FM IS HONEST N KNOWS NOW THE CHALLENGES....... WITHIN HER POWERS N INSTRUCTIONS SHE HAS TO WORK N PERFORM TOO.....
    THERE R NO CHALLENGES LEFT AS WE R AT THE ROCK BOTTOM ECONOMIES.....
    The Economic Times