India's economic growth hit a six-year low of 5 per cent in the first quarter of the current fiscal.
India's economic growth has decelerated since mid-2018, with real GDP growth slipping from nearly 8 per cent to 5 per cent.
The government has raised this year’s budget deficit to 2.8 per cent of GDP from 2.6 per cent in 2018.
BRICS targets for investment and trade must be more ambitious and that he welcomes suggestions to further reduce trade costs, says PM.
Government of India has also proactively taken policy decisions in response to the global slowdown.
A credit crunch among non-bank financial institutions (NBFIs), have increased the probability of a more entrenched slowdown.
RBI and other regulators are looking at financial at it holistically, he said when asked about stress in the financial sector.
A barrage of rate cuts from the RBI this year has done nothing concrete so far to revive a slowing Indian economy.
The move is estimated to result in Rs 1.45 lakh crore in revenue loss for the government during FY2019-20.
The change in base year actually captures the change in structures of the economy.