Govt fully committed to third largest economy goals: FM

Amid slowdown concerns, Finance Minister Nirmala Sitharaman on Monday said the government is “closely monitoring” the evolving situation. She said the government is fully aware of the macro economic challenges being faced on the back of domestic and global factors and is committed to ensure that India remains fully and firmly on course to become the third largest economy in the world.

“I need to address the concerns arising from the recent signs of moderation in certain economic indicators. While I acknowledge the remarkable growth trajectory and the promising prospects of the Indian economy, it is also important to address the concerns. Let me assure you that the government is fully aware of the challenges posed by both domestic and global factors. There is no cause for undue concern. India’s economy remains resilient underpinned by strong macroeconomic fundamentals, moderating inflation, robust external position and continued fiscal consolidation, which have reinforced confidence among both consumers and businesses. Recent high frequency indicators also indicate sustained growth momentum. Let me assure you all that the government is closely monitoring the evolving situation,” Sitharaman said at SBI Banking and Economics conclave.