Finance Minister Nirmala Sitharam on Friday said that the global growth may probably be very weak but the Indian economy is still doing better than the other countries including the United States and China. Nirmala Sitharaman made the statement in an unprecedented press conference to address the economic situation.
Nirmala Sitharaman asserted that India still the fastest economy in the world despite weak global cues.
“Just to give you briefly a picture of what is happening globally. The current projected global GDP growth is of about 3.2 per cent and probably is going to be even revised downwards,” Nirmala Sitharaman said.
Asserting that the Bharatiya Janata Party (BJP)-led government at the Centre has kept all reforms at the top of all the agenda, Nirmala Sitharaman said that the government has not lost the momentum.
“It is a continuous process. Business-related reforms were carried out by this government ever since it came to power in 2014. We have not lost the momentum; we are keeping that high on agenda,” Nirmala Sitharaman said.
As a result of US-China trade war and currency devaluation, the very volatile situation has developed in global trade, she said.
Echoing Prime Minister Narendra Modi’s Independence Day speech talking of respect for wealth creators, she said this was the spirt of her budget for FY20. Sitharaman said she held consultations with different sectors to understand their needs thereafter. “We haven’t lost reforms momentum,” she said.
The finance minister’s statement came a day after Niti Aayog Vice-Chairman Rajiv Kumar said the ongoing financial crisis in India is “unprecedented” and the government must take steps to handle the ongoing economic slowdown. “India was facing such an economic downturn for the first time in 70 years,” Rajiv Kumar said.