Finance Minister Nirmala Sitharaman, replying to a debate on price rise in Lok Sabha on Monday, said there was no question of India getting into stagflation or recession while asserting that India remained the fastest growing economy in assessment of global agencies. Congress MPs staged a walkout of Lok Sabha as Sitharaman was replying in the House, ANI reported.
“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 their role. Otherwise, India wouldn’t be where it is compared to rest of the world,” ANI quoted Sitharaman as saying.
“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,” the Finance Minister, who recovered from Covid-19 last week, further said.
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She said that gross NPAs of banks were at a six-year low of 5.9 per cent and India’s debt to GDP ratio was at 56.21 per cent in FY22, much lower than many nations. While citing GST and macroeconomic data, she said Indian economy was getting more robust.
Sitharaman said efforts were being made to bring down retail inflation below 7 per cent. India’s annual retail inflation in June climbed to 7.01 per cent from 6.26 per cent a year earlier, as per government data.
“Pandemic, second wave, OmicronRussia-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,” Sitharaman said.
Since the beginning of Parliament’s monsoon session on July 18, the Opposition has been raising the issue of rising prices and GST rate hike on essential items, leading to near washout of proceedings. Last week, 23 Opposition MPs were suspended from the Upper House due to “unruly behaviour”. Four Congress MPs were suspended from Lok Sabha as well. They were reinstated on Monday.