Govt giving sector-specific solutions to fight slowdown in economic growth: Nirmala Sitharaman

  • India's GDP expansion has slowed to a six-year low of five percent for the June quarter

  • This has led to a rash of downward revisions in expectations, including from the RBI which now expects GDP growth to come down to 6.1 percent in FY20

  • The government has taken a slew of measures, including a massive cut in corporate taxes to revive economic growth, even at the cost of sacrificing revenues

Mumbai: Union Finance Minister Nirmala Sitharaman on Thursday said the government is giving sector-specific solutions to fight the slowdown in economic growth.

She, however, parried a specific question on whether the government accepts if the country is in the midst of an economic slowdown.

 Govt giving sector-specific solutions to fight slowdown in economic growth: Nirmala Sitharaman

File image of Finance Minister Nirmala Sitharaman. PTI

India's GDP expansion has slowed to a six-year low of five percent for the June quarter. This has led to a rash of downward revisions in expectations, including from the RBI which now expects GDP growth to come down to 6.1 percent in FY20.

The government has taken a slew of measures, including a massive cut in corporate taxes to revive economic growth, even at the cost of sacrificing revenues.

Hinting at other measures like steps to improve exports, easing credit, making more money available by early repayments to vendors and front-loading of banks recapitalisation, Sitharaman said the government has been working on sector-specific measures.

"We are giving relief to all sectors who need help," Sitharaman said.

Her comments came hours after global ratings agency Moody's Investors Service sharply cut its FY20 GDP growth forecast for India to 5.8 percent.

Updated Date: Oct 10, 2019 14:34:54 IST