There is no question of recession in India, Finance Minister Nirmala Sitharaman's answer in Lok Sabha on inflation

Pankaj Prasad
Finance Minister Nirmala Sitharaman
Finance Minister Nirmala Sitharaman

On Monday, the government got a discussion in the Lok Sabha on the issue of rising inflation in the country.

Parliament Session: On Monday, the government got a discussion in the Lok Sabha on the issue of rising inflation in the country. Giving a statement on inflation in the Lok Sabha, Finance Minister Nirmala Sitharaman said that despite the Covid crisis, India remains the fastest growing economy in the assessment of global agencies. Nirmala Sitharaman said that despite the adverse circumstances, India has been assessed several times by the World Bank, IMF and other global institutions about the world's growth rate and India's growth rate in the last two years.

The world has never faced such an epidemic before: Finance Minister

Union Finance Minister Nirmala Sitharaman said that we have to see what is happening in the world and what place India holds in the world. He said that the world has never faced such an epidemic before. Everyone is working at their level to come out of the Covid epidemic, so I give credit to the people of India. The Finance Minister said that every time he has made an assessment, the growth rate of the world has been lower than the estimate in that period. India's growth rate has also been lower than expected, but every time India's growth rate has been the highest.

There is no question of recession in India

Nirmala Sitharaman said that the US GDP declined by 0.9 percent in the second quarter and 1.6 percent in the first quarter. Which he named the informal recession. The question of recession or stagflation in India does not arise at all. The Union Finance Minister said that the Bloomberg survey has told that the possibility of a recession in India is zero.

China's 4000 banks on the verge of bankruptcy, reducing NPA in India

Nirmala Sitharaman said that the gross NPAs of scheduled commercial banks in India are at the lowest level in 6 years at 5.9 per cent in 2022. He said, 4000 banks of China are on the verge of bankruptcy, while in India the NPAs are decreasing. The Finance Minister said that due to the efforts of the Central Government, the debt on the government is 56.9 percent of the GDP. According to IMF data, India is in a much better position than other countries where on average the debt on the government is 86.9 percent of GDP.

Indian economy showing positive signs

Finance Minister Nirmala Sitharaman said that the GST collection is more than 1.4 lakh crore rupees continuously for the last 5 months. The infrastructure sector grew in double digits in June. In June, the core sector registered a growth of 12.7 percent at an annual rate. Indian economy is showing very positive signs.