India’s GDP expansion much higher than global growth: Nirmala Sitharaman

In a much-anticipated press conference, Finance Minister Nirmala Sitharaman today said that reform is a continuous process for her government and it tops the agenda. Affirming India’s financial stability she said that the country hasn’t lost reforms momentum.

Global GDP growth may be revised downwards from the current estimate of 3.2 per cent, she said adding that globally the demand was going to be weak. But the Indian economy was growing faster than the global average and all other major economies, Sitharaman added.

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.

Finance Minister Nirmala Sitharaman also announced a slew of measures to revive economic growth including the rollback of enhanced surcharge on foreign portfolio investors levied in the Budget and lifting of Angel tax on start-ups. The banks have been asked to transfer the benefits of repo rate cuts by the RBI to the borrowers. Nirmala Sitharam said that the move will bring the home and auto loan rates down.

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