AGENCIES / WASHINGTON
India’s Finance Minister Nirmala Sitharaman has said that her country is committed to have a sound macro-economic environment conducive to fuel growth and ensure inclusive development, notwithstanding the recent slowdown.
Addressing the annual meeting of the International Monetary Fund (IMF) in Washington yesterday, Sitharaman said, India is firmly committed to the path of fiscal consolidation. She said fiscal deficit has been budgeted to be 3.3 per cent of GDP in Financial Year 2019-20 compared to the 3.4 per cent in the preceding year.
The IMF in its latest World Economic Outlook released on Tuesday, projected the country’s growth rate at 6.1 per cent for 2019 and noted that the Indian economy is expected to pick up at 7 per cent in 2020.
Sitharaman said India has provided impetus to growth by rationalising and reducing corporate tax rates that will stimulate private sector investment in infrastructure and industry.
Union Finance Minister said negotiations between India and the United States on a trade deal are going on in “full speed” and expressed hope that it will conclude soon.
The ongoing trade deal negotiations briefly came up for discussion during a pull-aside between Sitharaman and US Treasury Secretary Steven Mnuchin at the IMF headquarters.