India's GDP expansion much higher than global growth: FM

Seeking to dispel doubts over the economy and government's growth agenda, Finance Minister Nirmala Sitharaman on Friday said the India's GDP continues to grow at a faster pace than the global economy and any other major economy. Addressing a press conference, she said reform is a continuous process for her government and it tops the agenda.

Global GDP growth may be revised downwards from the current estimate of 3.2 per cent, she said adding that globally the demand was going to be weak. But the Indian economy was growing faster than the global average and all other major economies, Sitharaman added. As a result of US-China trade war and currency devaluation, very volatile situation has developed in global trade, she said.

Echoing Prime Minister Narendra Modi's Independence Day speech talking of respect for wealth creators, she said this was the spirt of her budget for FY20. Sitharaman said she held consultations with different sectors to understand their needs thereafter. "We haven't lost reforms momentum," she said.