The Gross Domestic Product (GDP) growth was registered at 5.6 per cent in the corresponding quarter of 2018-19, as per the data released by the National Statistical Office (NSO).
On the impact of coronavirus on the economy, she said there is no need to immediately press the "panic button", but admitted that it may get challenging if the issues prolong for another two or three weeks, citing her conversations with the industry players over the last few days.
She also said the pharmaceutical and electronic industries, which depend heavily on imports from China for raw materials, have suggested airlifting of essential items and the government may consider the same.
However, the logistics of the same, like aggregating the goods and getting them to a single place will have to be done by the industry itself, she said, promising help from the government through the consular staff.
Sitharaman said the government is "pushing the banks like never before" to lend as much as possible across all categories, including retail, home and agriculture segments.
She, however, said that the government wants to learn from the experiences of the 2008-09 and ensure that there are no non-performing assets piled up for later years.
Sitharaman said the government is working creating a development finance institution (DFI), as were bodies like ICICI and IDBI before they turned into full-fledged banks.
The minister said that the ministry has managed to do whatever it can for the economy within the space offered by keeping the fiscal deficit under check and also added that it is not "closing options" on the same.
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.