Addressing the annual meeting of the International Monetary Fund in Washington, the Finance Minister said, India is firmly committed to the path of fiscal consolidation.
She further added that India has taken diverse policy levers as part of the Modi government’s series of reforms to address the challenges being posed by slowdown in country’s growth.
As against India’s real growth rate of 6.8 per cent in 2018, the IMF in its latest World Economic Outlook, projected the country’s growth rate at 6.1 per cent for 2019 and noted that the Indian economy is expected to pick up at 7 per cent in 2020.
The Finance Minister said India has provided impetus to growth by rationalising and reducing corporate tax rates that will stimulate private sector investment in infrastructure and industry.
Noting that there are risks at various levels which can adversely affect the growth momentum, Sitharaman said it is pertinent in global economy to mention that external factors like trade tensions and other geopolitical uncertainties can have overwhelming deleterious effects.
As a dynamic economy, the minister said, India believes it has a key stake in nurturing global cooperation.
The finance minister told the IMF that with persistent efforts, the overhang of stressed assets in the banking system has declined.
The Insolvency and Bankruptcy Code is proving to be a game changer.
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