The Economic Times
English EditionEnglish Editionहिन्दीગુજરાતી
| E-Paper
Search
+

    Nirmala Sitharaman rules out quick recovery for Indian economy

    Synopsis

    FM said it’s too soon to say whether India would be able to stick to fiscal deficit targets.

    ANI
    The government has unveiled several steps since August to revive economic growth from the weakest pace since 2013.
    India’s Finance Minister Nirmala Sitharaman said it was too early to say if the slowdown in the economy had bottomed out.
    Companies are planning new investments after $20 billion worth of corporate tax cuts announced in September, Sitharaman told reporters in New Delhi Friday. Actual investments may take some time to materialize, she said.

    Prime Minister Narendra Modi’s government has unveiled several steps since August to revive economic growth from the weakest pace since 2013. The surprise decision to lower taxes for companies raised concerns about India’s fiscal discipline, with Moody’s Investors Service cutting the country’s sovereign debt outlook to negative last week amid concerns over slowing growth and revenues.

    Sitharaman said it’s a bit too soon to say whether Asia’s third-largest economy would be able to stick to its fiscal deficit targets. However, the government’s asset sales program -- key to plugging a gaping hole in the budget -- is moving ahead comfortably, she said.

    India intends to bring the nation’s cooperative banks under the purview of the Reserve Bank of India, she said. Currently, state governments share regulatory functions with the central bank over cooperative banks, many of whom are failing because of fraudulent lending practices.
    (What's moving Sensex and Nifty Track latest market news, stock tips and expert advice on ETMarkets. Also, ETMarkets.com is now on Telegram. For fastest news alerts on financial markets, investment strategies and stocks alerts, subscribe to our Telegram feeds.)

    Also Read

    27 Comments on this Story

    chitraani311 days ago
    We are being ruled by incompetent & untrustworthy jokers
    Kishore Shivani314 days ago
    FM PLEASE WHY DONT YOU RESIGN INSTEAD OF TAKING MEANINGLESS DECISIONS AND PUSHING THE ECONOMY AND THE MIDDLE CLASS INTO A BLACKHOLE.
    Kishore Shivani314 days ago
    YOU ARE BEING TAKEN FOR A RIDE TO FORCE AND PRESSURISE YOU TO GIVE THEM MORE SOPS AND TAX RELIEFS THESE ARE ALL FAKE AND MANUFACTURED NARRATIVES TO FORCE YOU KNOWING THAT YOU BASICALLY BUCKLE UNDER PRESSURE AND HENCE FORCE YOUV TO TAKE ACTION..
    The Economic Times