IMF Advises India to take 'Immediate Measures' amid Economic Slowdown

Guwahati, 24 December, 2019:

The International Monetary Fund (IMF) has advised the Indian government to take immediate precautions in order to reverse its current economic slowdown.

It observed that the country is in the middle of a significant economic slowdown due to the alarming situation that has been prevalent across the nation following the passage of the Citizenship (Amendment) Act and the National Register of Citizens (NRC).

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In its annual review, IMF stated that the declining rate of consumption and investment, and falling tax revenue, along with other factors have stunted the progress of one of the fastest-growing economies in the world.

It may be mentioned here that the country’s Finance Minister Nirmala Sitharaman had stated that the Indian economy was facing a slowdown but it was not dangerous or threatening.

Prime Minister Narendra Modi, at an event of the Associated Chambers of Commerce and Industry of India (ASSOCHAM), had assured the investors about recovering from the recession. He informed that previously also the country (India) had been in a similar situation but overcame it and emerged even stronger than before, implying that this time also, India will overcome the current economic slowdown and will progress towards the path with firm determination and confidence.

Earlier, Home Minister Amit Shah had blamed the global recession as the cause for the slow growth of the Indian economy.

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