Indian economy currently facing challenges, says FM Nirmala Sitharaman

Finance Minister Nirmala Sitharaman may announce rationalisation of tax slabs for the salaried class in the next Budget to boost consumption
Finance Minister Nirmala Sitharaman on Sunday  said the economy was currently facing challenges, even as

she unveiled a book on global finance.


Launching The Rise of Finance: Causes, Consequences and Cure, she said 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 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.


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.


India’s economic growth slumped to an over six-year low of 5 per cent in the June quarter because of slower consumer demand and private investment amid a deteriorating global environment. This has prompted many global agencies to cut India’s GDP growth by various degrees for 2019-20. The RBI, in its 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.


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