Nirmala Sitharaman Says Economy Is Going Through Tough Time

Nirmala Sitharaman during the book release of ‘The Rise of Finance: Causes, Consequences and Cure’ on Sunday says that the Economy is going through tough time. She also says that ‘The book presents commendable solutions to the challenges of the economy’ The book has been written by V Ananta Nageswaran and Gulzar Natarajan. Nageswaran is the Dean of Cray University’s IMFR School and Business. Natarajan is the Senior Managing Director of the Global Innovation Fund. India received report from Swiss Bank. As per the agreement signed by India Automatic Exchange of Information (AEOI) between India and Switzerland, the information disclosed would be identification, account information, name, address, residence, tax and other financial transactions. The next tranche of information would come in September 2020. Also they published India Forex reserves touch. The report says that India’s forex reserves touched an all-time high of $440 Billion as on 18th October 2019. Showcasing India’s improving financial sector, growing trade and strong macroeconomic fundamentals. The report regarding number of income tax payers says that the no jumps to 8.45 crore. Since the GST has been implemented there has been direct impact on direct tax collections. Regarding book Nirmala Sitharaman says that this book has come when questions related to sluggishness are being asked in the global economy; questions are also being raised about the country’s economy. Commendable solutions to the challenges that the global and Indian economy are going through are given in the book. She said it has come at a time when questions are being asked about the nature of the slowdown, which is affecting the global economy and bogging it down and indeed questioning if India is actually in a slowdown. India's economic growth slumped to an over six-year low of 5 per cent in the first quarter ended June this fiscal due to slower consumer demand and private investment amid deteriorating global environment. This has prompted many global agencies to cut India's GDP growth by various degrees for 2019-20.

By: Vedanshi Shah
Content: https://economictimes.indiatimes.com/news/economy/policy/india-cannot-sacrifice-economic-strength-to-comply-with-u-s-sanctions-finance-minister/articleshow/71609488.cms?from=mdr