Sunday, Oct 02, 2022

‘No question of India going into recession’: What Nirmala Sitharaman said in Parliament

Citing GST collection and macro data, Sitharaman said the Indian economy was getting more robust.

Union Finance Minister Nirmala Sitharaman speaks in the Lok Sabha during the ongoing Monsoon Session of Parliament, in New Delhi. (PTI)

India remains the fastest growing economy in the assessment of global agencies, Finance Minister Nirmala Sitharaman said on Monday. Responding to a debate on price rise in Lok Sabha, she said that there is no question of India getting into stagflation or recession.

Here are the minister’s top quotes:

🔴 India’s debt to GDP ratio has come down to 56.29 per cent in FY22, much lower than many nations, Sitharaman said. She noted that the gross NPAs of scheduled commercial banks have reached a six-year low of 5.9 per cent.

🔴 Citing GST collection and macro data, Sitharaman said the Indian economy was getting more robust.

🔴 This is the sixth time that the monthly GST collection crossed the Rs 1.40-lakh-crore mark since the inception of Goods and Services Tax and the fifth month at a stretch since March 2022, Sitharaman said.

🔴 The finance minister further said that the government is making efforts to bring down retail inflation below 7 per cent.

🔴 Sithraman said the prices of edible oils have corrected sharply following the steps taken by the government.

🔴 Further stating that India’s economic fundamentals are perfect, Sitharaman asserted that the country as sufficient forex reserves.

🔴 She also said that the banking sector in the country is healthy compared to other countries.

Subscriber Only Stories
From The Explained editor: The ban on PFI, forests at night, and free gra...Premium
From the Opinion Editor: An election for the Congress partyPremium
From Nehru to JP, the political leaders mentored by GandhiPremium
Uttarakhand resort murder: Amid questions within, BJP may revamp Dhami go...Premium

Expressing dissatisfaction over the reply of Finance Minister Nirmala Sitharaman, members of Congress and DMK on Monday walked out of Lok Sabha.

First published on: 01-08-2022 at 09:14:33 pm
Next Story

Karnataka engineering admission put off as CET repeaters protest ‘unfair’ ranks

Latest Comment
Post Comment
Read Comments