Mumbai. Union Finance Minister Nirmala Sitharaman said on Thursday that the government is offering sector-specific solutions to fight the slowdown in economic growth.
However, there is a specific question on whether the government accepts that the country is in the midst of an economic downturn. India’s GDP expansion has come down to a six-year low of five per cent in the June quarter. This has led to a fall in expectations from the RBI, which is now expected to reduce GDP growth to 6.1 per cent in FY15.
The government has carried out several measures, including drastic cuts in revenue, to revive economic growth, even at the expense of revenue abandonment.
Sitharaman said that focusing on other measures to improve exports, reduce debt, provide more money to vendors by early repayment and provide information on recapitalization of banks, Sitharaman said that the government would take on sector-specific measures Is working