Delhi News

‘Will give necessary stimulus to economy, along with RBI’: Sitharaman

The government and the Reserve Bank of India (RBI) will together extend necessary stimulus to maintain economic growth momentum even as the Centre strives to maintain fiscal rectitude, finance minister Nirmala Sitharaman said on Monday.

Speaking at an event of Elara Capital, Sitharaman also said the government is committed to the announced plan for bank privatisation. Justifying windfall taxes on abnormal profits by oil companies, she the taxes were not ad hoc measure.

India’s gross domestic product (GDP) grew by a rate of 13.5 per cent in the June quarter of FY23.

The economy will likely see slower growth in the current quarter and the coming few quarters, due to a waning of the base effect and a slowing of exports.

“Together with a central bank, the ministry of finance will be working out a pathway, which will be predictable, consistent and give every stimulus required for the growth of the Indian economy,” Sitharaman said.

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On taking forward the proposed bank privatisation, the minister said the listing of Life Insurance Corporation was an indication of the government’s commitment to reforms and disinvestment. “So, we shall go ahead with the banking sector reform as well. We’ve mentioned it in the budget (to privatise two banks). We shall take it forward,” Sitharaman said.

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