World economy currently facing a challenging time, says Finance Minister
New Delhi, Nov 11 (KNN) Finance Minister Nirmla Sitharaman while unveiling a book called 'Global Finance' said that the world and Indian economy is currently facing slowdown.
"As a textbook, 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," lauding the book, the minister said on Sunday.
The book is co-authored by V Anantha Nageswaran and Gulzar Natarajan. Nageswaran is dean of IFMR Graduate School of Business at Krea University. Natarajan is senior managing director at Global Innovation Fund.
She further said it has come at a time when questions are being asked about the nature of the slowdown, which is affecting the global economy.
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 several other reasons. Despite numerous steps taken by the government to make it stable, however, it remains the same.
The RBI too tried to improve the economic scenario prevailing the county but the situations remains adamant.
The government has recently announced a slew of measures, including cut in corporate tax rate, capital infusion into public sector banks, setting up Rs 25,000 crore fund to boost realty sector, among others, to boost the economy.