Lower GDP growth rate in second quarter is a temporary blip: Finance Minister Nirmala Sitharaman

Sitharaman said the average GDP growth rate had been 8.3 per cent for the past three years, which she added was an “outstanding number by global standards”. She said the growth rate was 6.7 per cent in the first quarter and 5.4 per cent in the second quarter, which was “slower than expected”.

However, the minister said this was only a temporary blip. She said a generalised slowdown in manufacturing was not expected as it was restricted to some sectors. Of the 23 manufacturing sectors, she said, “Half of them remain strong even now.”

Sitharaman said that inflation was “under control” during the NDA governments’ tenures but had “reached double digits” during the terms of UPA or non-NDA governments.

After the finance minister’s reply, the Lok Sabha passed the supplementary demand for Rs 87,762.56 crore in additional expenditure. The Lower House also passed the Appropriation (No. 3) Bill 2024.