Nirmala Sitharaman Claims Modi Govt Taking Steps to Improve Falling Indian Economy, Says 'Ready to Hear From FPIs on Any Issue'

New Delhi, August 5: As the Indian economy going through a rough phase and foreign portfolio investors (FPIs) losing interest in domestic market, Union Finance Minister Nirmala Sitharaman on Monday claimed that the government is getting inputs from various sectors and the Modi government is taking appropriate steps to improve falling economy and is ready to hear from FPIs on 'any issue'.

Answering to a question on the current economic environment, Sitharaman stated, "I don't want to go into classifications which you want to do it that way. We are getting inputs from various sectors and trying to respond so that the confidence of those sectors is restored." Adding on, she also mentioned that appropriate steps will be taken by Centre to address the challenges. Modi Govt's Tax Surcharge on Foreign Portfolio Investments Triggers Exit of Investors, Experts Question Corrective Measures

Responding on the FPI exodus due to an additional surcharge on 'individuals and trusts', the Union Minister stated that her ministry has not yet decided on the timing and size of its sovereign overseas bonds and is ready to hear from FPIs on 'any issue'.

Considering the economic slowdown, fall of rupee value in the international market and FPI's losing interest in the Indian market, top finance ministry officials met with the senior bureaucrats in the prime minister’s office (PMO) in order to discuss FPI surcharge.

However, market experts quashed Union government claims of a roaring bear market as 500 companies are at 52-week lows and not even five companies at their highs. Even Congress leader Rahul Gandhi on Saturday attacked Prime Minister Narendra Modi-led Bharatiya Janata Party (BJP) government stating that BJP government can't build anything, while adding it can only destroy what was built over decades with passion and hard work. Rahul Gandhi Attacks PM Narendra Modi on Economic Slowdown, Says 'BJP Govt Can Only Destroy What Was Built Over Decades'

Even analysts opine that Union Budget 2019 was market-unfriendly and measures such as a tax on certain FPIs and the rich are worsening the situation. They cite that present ruling dispensation is displaying a lack of respect for the markets and the recent measures are demotivating for investors.

(The above story first appeared on LatestLY on Aug 05, 2019 05:22 PM IST. For more news and updates on politics, world, sports, entertainment and lifestyle, log on to our website latestly.com).