In a press conference on Saturday, Finance Minister Nirmala Sitharaman addressed the media again over economic slowdown and measures taken by the Centre to boost growth. She spoke at length about inflation in the country and added that the economy was showing signs of revival. This is the third press conference by the Finance Ministry to announce measures to boost the economy, in just under 2 weeks. Nirmala Sithraman exclaimed that inflation has been kept 'very much' below 4 per cent. Reserve Bank of India has been mandated by the government to keep the retail inflation in the band of 2-6 per cent. The latest inflation print based on the Consumer Price Index was 3.21 per cent in August.
Addressing worries on the industrial production front, Nirmala Sithraman announced that the fourth quarter of 2018-19, showed clear signs of improvement up to July 2019.
Finance Ministry's press conference also spoke about, the credit flows to NBFCs that were announced by the ministry.
Talking about NBFCs, Nirmala Sithraman said, " Several NBFCs have benefitted."
The factory growth also showed some improvement amid a slow down. The Statistics Ministry data released on Thursday, places the Index of Industrial Production (IIP) growth at 4.3% in July, going up from just 1.2 per cent, a month ago in June. Retail inflation, however, grew from 3.15 per cent in July to 3.21 per cent in August.
The government also announced various reforms to boost exports facilitation
New Measures to Boost Export- Export Facilitation— NSitharamanOffice (@nsitharamanoffc) September 14, 2019
Leverage technology to reduce ‘Time to Export or Turn-around time’.
Annual mega shopping festivals to be organised across four places. pic.twitter.com/PC7JwJgmD7
The government announced several measures in the last few months to boost economic growth after the June quarter reported the lowest Economic growth in the last 6 years at 5 per cent.