NEW DELHI: The government, which is facing criticism from opposition parties due to the sluggish economy in the country, seems to be in mission mode. Last week, the Finance Minister had a meeting with industry leaders. Now PM Modi is also understanding the seriousness of the situation. So, he met Finance Minister Sitharaman on Thursday to discuss the economy. According to sources, the PM discussed the latest state of the economy after addressing the Red Fort on the occasion of the 73rd Independence Day.
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All senior officials of the Finance Ministry were also involved in this. Sources said, the meeting deliberated on the nature of the current economic softening and its long-term impacts. At present, it is expected that the Government may soon announce some specific stimulus measures for certain sectors of the economy. The e-mail sent to the Finance Ministry spokesperson for information on the meeting did not respond. Economic growth declined to 6.8 per cent in 2018-19.
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This is the lowest rate since 2014-15. At present, the level of confidence of consumers is declining and foreign investment has also reached a standstill. The Reserve Bank of India has lowered its economic growth projection for the current fiscal from 7.0 per cent to 6.9 per cent. But inflation remains soft. The central bank has cut the policy interest rate by 1.10 percent this year to support efforts to accelerate economic growth. Due to economic softening, employment is getting cut drastically.
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