New Delhi: Finance Minister Nirmala Sitharaman on Friday said that the government will continue to take measures as and when required to boost economic growth while she counted on steps taken till now to tackle the distressed economy.
Addressing a press conference on the state of the economy along with senior officials, Sitharaman said that the Centre is aware of the pending GST compensation to states and will honour its commitment.
Asked when she thought the economy would revive, Sitharaman said, “I’m not engaging in any prediction based thing. I am looking at the economy, where I need to intervene, I am intervening and I shall continue to address the problem of the industry affected by the crisis.”
Further, she also refused to comment on the narrative of stagflation — high inflation coupled with declining growth. “No comment on that. I have heard it. Stagflation is a narrative which is going on. I am hearing it,” she said.
It must be noted that the agenda of the press meet included a discussion on private investment, the global economic slowdown, the economic measures put forth before Parliament.
The finance minister’s reassurance gains significance at a time when India’s economy is already suffering, with the country’s Gross Domestic Product (GDP) growing at 4.5 per cent in the quarter between July and September, the lowest since January-March in 2013 when the GDP grew at 4.3 per cent. With inflation rising, fears of stagflation — a fall in aggregate demand accompanied by rising inflation — have resurfaced.