The annual report of the RBI stating that the GDP growth has slipped to 5% in the first quarter of FY20

The latest annual report of the RBI stating that the GDP growth has slipped to 5% in the first quarter of FY20, the lowest in 6 years, is a glaring indicator of the economic crisis looming over our economy. The slumped automobile sector, increase in NPAs- all point out at an economic slowdown and an urgent need of government attention and impactful measures to reverse the downturn.

On Saturday, i.e. the 14th of September, the Finance Minister, Nirmala Sitharaman, announced a fresh set of measures to battle the slowdown, with a 70,000 crore boost package for housing and exports. A special 10,000 crore window has been extended towards last mile funding for stuck residential
real estate projects that have dampened the sentiment and have been responsible, to some extent, for the real estate sector crash.

Towards exports, a new scheme called the Remission of Duties or Taxes on Export Product will be coming into effect from January 2020 and Export Credit Guarantee Corporation will be offering higher insurance cover to banks. Dubai-like mega shopping festivals will also be held, the FM said, to bolster the sector. Other measures include improvement in credit outflows from banks and transmission of interest rate cuts.

Under the BJP government's rule, we have witnessed various historical judgements and bold decisions-from nullification of Article 377 and 35A to the Balakot Air Strike.
How the policy makers and think tanks will untangle the economic woes and restore investor confidence is now to be seen.

By Manya Gupta

References
LiveMint
HindustanTimes
TheEconomicTimes
MoneyControl

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