Report Wire - No query of India moving into recession, says Sitharaman in Lok Sabha; Congress walks out

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No query of India moving into recession, says Sitharaman in Lok Sabha; Congress walks out

5 min read
No question of India getting into recession, says Sitharaman in Lok Sabha; Congress walks out

By Agencies

NEW DELHI: Highlighting India’s strong financial well being regardless of the COVID pandemic and geo-political state of affairs, Union Finance Minister Nirmala Sitharaman on Monday stated there isn’t a query of India moving into stagflation or recession like different main economies of the world.

In her reply to the controversy on worth rise on the Lok Sabha, Sitharaman stated, “We have 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 have played their role. Otherwise, India would not be where it is compared to the rest of the world.”

“So, I fully credit the people of India for this. Even against adversity, we are able to stand up and be recognised as the fastest growing economy,” she stated.

The Finance Minister emphasised that as a result of measures taken by the federal government, India is in a a lot better place than most nations.

“Repeatedly in the assessment of global agencies, India remains the fastest growing economy in the assessment of global agencies. This House irrespective of the party should feel proud of the country and its people. State governments have helped,” she acknowledged within the Lok Sabha.

Referring to a survey, Sitharaman stated there’s zero risk of India moving into recession.

Sitharaman stated the Gross Domestic Product (GDP) of the US fell 0.9 per cent within the second quarter following a 1.6 per cent decline within the first quarter. “They start it calling an unofficial recession. There is no question of India getting into recession or stagflation,” stated the Minister.

ALSO READ | Ruckus continues in Parliament as Opposition protests over Sanjay Raut arrest, worth rise, Congress MPs’ suspension

“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 per cent or below. That has to be recognised,” she informed Lok Sabha.

She additional stated, “4,000 banks in China are reported to be going bankrupt. In India, the gross NPAs (Non-Performing Assets) of scheduled commercial banks is at a 5-years low of 5.9 per cent in 2022. So our NPAs are improving. The government debt to GDP Ratio of many countries is in triple digits including Japan, Greece, Bhutan, Singapore, the US, Portugal, Spain, France, Sri Lanka and Canada. But the central government very consciously controlled its debt and it is at 56.29 per cent of the GDP at the end of 2021-22 compared to the 59.9 per cent revised estimate that year.”

According to IMF information, Sitharaman stated the overall debt to GDP ratio is 86.9 per cent together with the Centre and the state.

In July 2022, the Minister stated the nation has garnered the second highest stage ever for the reason that introduction of the GST which is 1.49 lakh crore. “In April 2022, it was 1.67 lakh crore which was the highest we reached. This is the fifth consecutive month that collections have been above Rs 1.4 Lakh crores,” she stated.

Quoting former Reserve Bank of India (RBI) Governor Raghuram Rajan, she stated, “On Saturday, Raghuram Rajan stated that ‘RBI has executed a very good job in growing overseas change reserve in India, insulating India from issues being confronted by neighbouring nations equivalent to Pakistan and Sri Lanka.

“Differentiating India from its susceptible neighbours, Raghuram Rajan additional added that ‘New Delhi is much less indebted’, calling it a very good signal, the Minister stated.

Amid Sitharaman’s reply to the controversy on worth rise, Congress members stroll out from Lok Sabha.

NEW DELHI: Highlighting India’s strong financial well being regardless of the COVID pandemic and geo-political state of affairs, Union Finance Minister Nirmala Sitharaman on Monday stated there isn’t a query of India moving into stagflation or recession like different main economies of the world.

In her reply to the controversy on worth rise on the Lok Sabha, Sitharaman stated, “We have 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 have played their role. Otherwise, India would not be where it is compared to the rest of the world.”

“So, I fully credit the people of India for this. Even against adversity, we are able to stand up and be recognised as the fastest growing economy,” she stated.

The Finance Minister emphasised that as a result of measures taken by the federal government, India is in a a lot better place than most nations.

“Repeatedly in the assessment of global agencies, India remains the fastest growing economy in the assessment of global agencies. This House irrespective of the party should feel proud of the country and its people. State governments have helped,” she acknowledged within the Lok Sabha.

Referring to a survey, Sitharaman stated there’s zero risk of India moving into recession.

Sitharaman stated the Gross Domestic Product (GDP) of the US fell 0.9 per cent within the second quarter following a 1.6 per cent decline within the first quarter. “They start it calling an unofficial recession. There is no question of India getting into recession or stagflation,” stated the Minister.

ALSO READ | Ruckus continues in Parliament as Opposition protests over Sanjay Raut arrest, worth rise, Congress MPs’ suspension

“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 per cent or below. That has to be recognised,” she informed Lok Sabha.

She additional stated, “4,000 banks in China are reported to be going bankrupt. In India, the gross NPAs (Non-Performing Assets) of scheduled commercial banks is at a 5-years low of 5.9 per cent in 2022. So our NPAs are improving. The government debt to GDP Ratio of many countries is in triple digits including Japan, Greece, Bhutan, Singapore, the US, Portugal, Spain, France, Sri Lanka and Canada. But the central government very consciously controlled its debt and it is at 56.29 per cent of the GDP at the end of 2021-22 compared to the 59.9 per cent revised estimate that year.”

According to IMF information, Sitharaman stated the overall debt to GDP ratio is 86.9 per cent together with the Centre and the state.

In July 2022, the Minister stated the nation has garnered the second highest stage ever for the reason that introduction of the GST which is 1.49 lakh crore. “In April 2022, it was 1.67 lakh crore which was the highest we reached. This is the fifth consecutive month that collections have been above Rs 1.4 Lakh crores,” she stated.

Quoting former Reserve Bank of India (RBI) Governor Raghuram Rajan, she stated, “On Saturday, Raghuram Rajan stated that ‘RBI has executed a very good job in growing overseas change reserve in India, insulating India from issues being confronted by neighbouring nations equivalent to Pakistan and Sri Lanka.

“Differentiating India from its susceptible neighbours, Raghuram Rajan additional added that ‘New Delhi is much less indebted’, calling it a very good signal, the Minister stated.

Amid Sitharaman’s reply to the controversy on worth rise, Congress members stroll out from Lok Sabha.