‘What are PM, FM hiding’: Congress on Narayan Rane’s ‘recession’ remarks
3 min readBy PTI
NEW DELHI: What are the prime minister and the finance minister hiding from the nation, Congress chief Jairam Ramesh requested on Tuesday after Union minister Narayan Rane indicated that India might face an financial slowdown after June.
The minister for Micro, Small and Medium Enterprises (MSME) instructed reporters in Pune on Monday that if India faces an financial recession, it would occur solely after June, however the Centre was making all efforts to keep away from such a state of affairs.
He mentioned developed international locations had been already going through an financial downturn.
“Narayan Rane, Union Cabinet Minister of MSMEs – that have been destroyed since 2014 – forecasts recession in India after 6 months. He said this in Pune to a G20 gathering. What are the PM (Narendra Modi) & FM (Nirmala Sitharaman) hiding from the country?” Ramesh requested on Twitter.
Rane’s feedback got here after inaugurating the G20’s 1st Infrastructure Working Group (IWG).
India presently holds the presidency of the G20 grouping.
“As I am in the Cabinet, some information is available to us and whatever advice we get from PM Modiji (Prime Minister Narendra Modi), on that basis, we can say that there is an economic recession in big countries. It is a reality,” he instructed reporters.
“To ensure India is not impacted or to stop (the economic slowdown), which is expected to come after June. Modiji and the Centre are making efforts to ensure the people of the country are not impacted by the slowdown,” Rane mentioned.
OPINION | India’s problem because the world slips into recession
India is about to lose its fastest-growing main financial system tag this yr going by the 7 per cent GDP growth projected by the Statistics Ministry within the fiscal yr ending March, that is on the again of weakening demand at residence and overseas.
That progress charge might be second solely to Saudi Arabia’s anticipated 7.6 per cent progress.
While India’s industrial exercise reverted to expansionary territory with the November 2022 Index of Industrial Production (IIP) posting an annualized progress of seven.1 per cent vis-à-vis a contraction of 4.2 per cent within the earlier month, international headwinds led to exports contracting by 12.2 per cent to USD 34.48 billion in December.
NEW DELHI: What are the prime minister and the finance minister hiding from the nation, Congress chief Jairam Ramesh requested on Tuesday after Union minister Narayan Rane indicated that India might face an financial slowdown after June.
The minister for Micro, Small and Medium Enterprises (MSME) instructed reporters in Pune on Monday that if India faces an financial recession, it would occur solely after June, however the Centre was making all efforts to keep away from such a state of affairs.
He mentioned developed international locations had been already going through an financial downturn.
“Narayan Rane, Union Cabinet Minister of MSMEs – that have been destroyed since 2014 – forecasts recession in India after 6 months. He said this in Pune to a G20 gathering. What are the PM (Narendra Modi) & FM (Nirmala Sitharaman) hiding from the country?” Ramesh requested on Twitter.
Rane’s feedback got here after inaugurating the G20’s 1st Infrastructure Working Group (IWG).
India presently holds the presidency of the G20 grouping.
“As I am in the Cabinet, some information is available to us and whatever advice we get from PM Modiji (Prime Minister Narendra Modi), on that basis, we can say that there is an economic recession in big countries. It is a reality,” he instructed reporters.
“To ensure India is not impacted or to stop (the economic slowdown), which is expected to come after June. Modiji and the Centre are making efforts to ensure the people of the country are not impacted by the slowdown,” Rane mentioned.
OPINION | India’s problem because the world slips into recession
India is about to lose its fastest-growing main financial system tag this yr going by the 7 per cent GDP growth projected by the Statistics Ministry within the fiscal yr ending March, that is on the again of weakening demand at residence and overseas.
That progress charge might be second solely to Saudi Arabia’s anticipated 7.6 per cent progress.
While India’s industrial exercise reverted to expansionary territory with the November 2022 Index of Industrial Production (IIP) posting an annualized progress of seven.1 per cent vis-à-vis a contraction of 4.2 per cent within the earlier month, international headwinds led to exports contracting by 12.2 per cent to USD 34.48 billion in December.
