When asked whether the government considers job losses and the falling GDP growth as the signs of economic slowdown, Nirmala Sitharaman brushed the question aside.
New Delhi| India’s slumping GDP growth and crisis in the manufacturing sector have sparked concerns of economic crisis. After the initial denial mode, the govt finally acknowledged the unfolding crisis. But it seems to be ducking the questions over the crisis.
On Sunday, Finance Minister Nirmala Sitharaman refused to answer questions on the economic slowdown. She also sarcastically ducked the questions on comments made by former Prime Minister and noted economist Dr Manmohan Singh. When asked whether the government considers job losses and the falling GDP growth as the signs of economic slowdown, Nirmala Sitharaman brushed the question aside.
Also Read: Former PM Dr Manmohan Singh blames “All round mismanagement” by Modi govt for the Economic Slowdown
Referring to the auto sector, she said, that the government has been in consultation with many sectors. “In some sectors, the inventory is piling up. We have heard them and announcements were made on August 23. Last Friday also we made some announcements,” Sitharaman said.
When she was asked whether India is witnessing an economic slowdown and whether the govt acknowledging it, she said, “I’m meeting industries & taking their inputs, suggestions on what they would want & expect from govt, I’m responding to them. I have already done this twice. I will do it a number of times.”
Finance Minister Nirmala Sitharaman on former PM Manmohan Singh's remarks: Is Dr Manmohan Singh saying that 'instead of indulging in political vendetta they should consult sane voices?' Has he said that? All right, thank you, I will take his statement on it. That is my answer. https://t.co/hkQ46ikLGt pic.twitter.com/Rr187L2oGE
— ANI (@ANI) September 1, 2019
In the morning, Dr Manmohan Singh issued a scathing remark said that “All-round mismanagement” by the Modi government is the reason for an economic slowdown. He also blamed Demonetization and Hastily implemented GST for the economic crisis.
When asked about Dr Singh’s comment, Sitharaman tried to duck the question by replying with sarcasm. In her short reply to the question, she said, “All right, thank you, I will take his statement on it. That is my answer.”
GDP growth falls to a five-year low
The Gross Domestic Product (GDP) growth for the first quarter of the financial year 2019-20 dropped to five per cent on Friday. This marks a sharp decline of 0.8 per cent points compared to the last quarter that ended in March. The current GDP numbers are the worst in the last five years, weakest growth rate since 2013.
The financial year 2018-19 ended with an overall Gross Domestic Product (GDP) growth rate of 6.8 per cent, which was marginally lower compared to the year before. The growth rate for the fourth quarter of FY 2018-19 (January to March) stood at 5.8 per cent. The numbers come amidst a slowdown in the economy, which has particularly hit the auto and textile sectors.
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