INSUBCONTINENT EXCLUSIVE:
Finance Minister Nirmala Sitharaman compared the FDI figures during the NDA and UPA regimes
Acknowledging the economic slowdown, Finance Minister Nirmala Sitharaman on Wednesday defended the state of the economy and dismissed
"If you are looking at the economy with a discerning view you see that growth may have come down, but its not recession yet or it won't be
recession ever," said Nirmala Sitharaman, responding to the debate in Rajya Sabha on the issue of slowing economic growth and Opposition's
charge that the economy was in a state of recession
"I will put on record every step being taken," she said
Her remarks come days ahead of the release of official gross domestic product (GDP) numbers for the July-September period
Here are 10 things to know:She also said PM Narendra Modi government recognised stress in the banking sector and took steps
to address banking sector problems
The government has in the past emphasized on the importance of restoring the health of the country's financial sector to achieve its goal
of making India a $5 trillion economy.The Finance Minister also compared the foreign direct investment (FDI) figures during the NDA and
current financial year, GDP growth came in at a more than six-year low of 5 per cent.The government has in the recent past announced a range
of measures, including withdrawal of higher taxes on foreign investors - as announced in Budget, and a cut in corporate taxes, to spur
gross domestic product (GDP) on Friday evening
Many economists and financial institutions have lowered their growth projections for the year ending March 2020.State Bank of India, the
country's largest lender, expects GDP expansion to further decrease to 4.2 per cent in the July-September period.SBI has cited low
automobile sales, deceleration in air traffic movements, flattening of core sector growth and declining investment in construction and
cent.Moody's this month lowered its estimate of economic growth for India to 5.6 per cent, saying GDP slowdown in the country is lasting
longer than previously expected
It had earlier changed its outlook on India's ratings to "negative" from "stable".Nomura Holdings and Capital Economics have also lowered
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