Finance Minister Nirmala Sitharaman addressed a press conference to talk about the growing concerns over the economic health. Asked if the Centre acknowledges the fall of GDP figures, job losses as an economic slowdown, Sitharaman skirted the question and engaged in an argument with reporters.

On Sunday, asked about the slowdown, Nirmala Sitharaman replied saying, "The government has been in consultation with a lot of sectors. In some sectors the inventory is piling up. We have heard them and announcements were made on August 23. Last Friday also we made some announcements."

On Friday, Sitharaman announced the biggest merger of nationalised banks and reduced the number of state-owned banks from 27 to 12.

Asked about former Prime Minister Manmohan Singh's statement on Sunday morning that the ongoing slowdown in the Indian economy is a result of man-made disasters caused by the Modi government, Sitharaman once again refused to react to his statement.

"Is Dr Manmohan Singh saying that instead of indulging in political vendetta they should consult sane voices? Has he said that? All right, thank you, I will take his statement on it. That is my answer," said Sitharaman.

She said, "I have no thoughts on what he said. He said it and I listened to it."

"The last quarter's GDP growth rate of 5% signals that we are in the midst of a prolonged slowdown. India has the potential to grow at a much faster rate but all-round mismanagement by the Modi government has resulted in this slow down," Manmohan Singh said in a video released by Congress on Sunday morning.

Sharp deceleration in manufacturing output and subdued farm sector activity pulled down India's gross domestic product (GDP) growth to over six-year low of 5 per cent in the April-June quarter of 2019-20.