Finance Minister Nirmala Sitharaman on Monday said India’s economic growth has decelerated, but there is no slump and it is still the fastest growing economy in FY20 among the G-20 nations.

The minister made a written reply to a question from NK Premachandran, an MP from Kerala, that despite some recent deceleration in growth, India’s economy was still projected by the World Economic Outlook to grow at the fastest rate among G-20 countries in 2019-20.

“During the last five years, the government has implemented major reforms to build the investment climate in the country for becoming a $5 trillion-dollar economy,” the minister said.

Sitharaman further added saying the ruling government is taking measures to address moderate levels of fixed investment rate in the economy, plateauing of private consumption rate and modest export performance, with a view to increasing the GDP growth.

“The World Economic Outlook (WEO) of October 2019 projects a significant slowdown in world output and trade in 2019. Yet India, despite some recent deceleration of GDP growth, is still projected by WEO to grow at the fastest rate in 2019-20 among G-20 countries,” she said.

When asked whether the government has analysed the impact of the implementation of the Goods and Services Tax (GST) on the economic slowdown, Sitharaman said the GST reform stands out as the most important measure for improving ease of doing business in the country.

(With input from agencies)