FM Sitharaman accepts Indian economy is facing challenges

While speaking on the launch of a book on global finances, Finance Minister Nirmala Sitharaman on Sunday could not help but accept that the Indian economy is facing challenges.

Launching the book titled ‘The Rise of Finance: Causes, Consequences and Cure’, Sitharaman said that the book provides solutions for challenges that the world and Indian economy is currently facing and that the book will help “understand the current economic situation facing both the world and Indian economy”.

“As a textbook, I am sure it will become very popular and more importantly, this will be a book that is very relevant to those of us, sitting on the policy making table. Secondly, its relevance and the timing of the launch of the book in India. We are currently facing a challenging time,” The Economic Times quoted Sitharaman as saying.

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“…the book examines the rise of financialisation globally. I really commend the prescriptive and descriptive narrative that supports the topic of financialisation and the solutions that have been prescribed for situations that the world and Indian economy is currently facing,” she added.

Due to slower consumer demand and private investment amid deteriorating global condition, India’s economic growth was recorded at a six-year low of 5 per cent in the first quarter (April-June) this fiscal.