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Kerala Kaumudi Online
Wednesday, 18 September 2019 10.02 PM IST

India's GDP expansion much higher than that of US and China, says Nirmala Sitharaman

nirmala-sitharaman

NEW DELHI: Seeking to dispel doubts over the economy and government's growth agenda, Finance Minister Nirmala Sitharaman on Friday said India's GDP continues to grow at a faster pace than the global economy and any other major economy like the USA and China. Addressing a press conference, she said reform is a continuous process for her government and it tops the agenda.

Announcing steps to prop up the slowing economy, the minister said that in order to improve the domestic bond market, the finance ministry will work with the RBI to make it more conducive for investors and bond issuers, as well as facilitate increased trading for price discovery. The government will also take further action on the development of credit default swap markets in consultation with the Reserve Bank and market regulator Sebi. The minister also outlined steps like labour reforms and an amendment to the bankruptcy law to increase investments.

Global GDP growth may be revised downwards from the current estimate of 3.2 percent, 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, 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.

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TAGS: NIRMALA SITHARAMAN, FINANCE MINISTRY, INDIA, GDP GROWTH, NARENDRA MODI, INDIA GDP
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