Zero possibility of India slipping into recession: Nirmala Sitharaman defends price rise amid Congress walkout

Zero possibility of India slipping into recession: Nirmala Sitharaman defends price rise amid Congress walkout

Reported By:DNA Web Team| Edited By: DNA Web Team |Source: DNA Web Desk |Updated: Aug 01, 2022, 08:11 PM IST

Finance Minister Nirmala Sitharaman on Monday said there was zero possibility of India slipping into stagflation or recession, adding that it continues to be the world’s fastest growing economy. 

Replying to the debate on the issue of price rise in Lok Sabha amid a walkout by Congress MPs, Sitharaman said: “Replying to Adhir Ranjan Chowdhury’s query, I would like to say there is no question of India getting into stagflation or, what it is called in USA, technical recession. There is absolutely zero probablity of India slipping into recession.” 

The finance minister said that that prices of edible had been corrected sharply following the steps taken by government. 

She said that despite the COVID blow on the economy, Nirmala Sitharaman said that “we have maintained inflation rate at 7 per cent or below”, adding that Indian economy has recovered admirably.

“Pandemic, second wave, Omicron, Russia-Ukraine (war), even today largest supply components in China are under lockdown…in spite of that, we have held inflation well within 7% or below. That has to be recognised,” theFM said. 

Sitharaman said that nearly 30 opposition MPs spoke on the issue of price rise in the House, out of which “most raised political angles rather than data-driven concerns”. “So, I too will try to reply a little politically,” SItharaman added. 

She also said that India remains the fastest growing economy in the world in assessment of global agencies. “I fully credit the people of India … even against adversity we are able to stand up and be recognised as the fastest growing economy,” the Finance Minister said. 

Sitharaman said the world had never seen such a pandemic. “We’ve never seen a pandemic of this kind… all of us were trying to make sure that people in our constituencies are given extra help. I recognise that everybody — MPs and state governments — has played a role. Otherwise, India wouldn’t be where it is compared to rest of the world,” she added.

As the Lok Sabha took up the discussion on price rise on Monday, a number of opposition leaders like Congress’ Manish Tewari, TMC’s Kakoli Ghosh Dastidar and DMK’s Kanimozhi hit out at the government over fuel and food inflation and GST implementation.

The notice for discussion on the issue was given by Shiv Sena MP Vinayak Raut and Congress MP Manish Tewari in the Lower House (Lok Sabha). The notice in the Upper House (Rajya Sabha) was served by NCP MP Fauzia Khan.

Read More

Write a comment

Your email address will not be published. All fields are required