Indian economy won’t get into recession: Sitharaman
New Delhi: Union Finance Minister Nirmala Sitharaman stated in Lok Sabha on Monday that there is no danger of India entering a recession or stagflation.
“Indian economy will not get into recession,” the Minister said.
Sitharaman also stated that the debate over rising prices is more political in nature than data-driven.
“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 & State Govts- has played their role,” Sitharaman said.
The minister’s reaction comes amid a heated debate between the Narendra Modi government and the opposition over pricing increases.
“So, I totally credit the Indian people for this…even in the face of hardship, we are able to stand up and be recognised as the fastest growing economy,” she remarked.
“We announced the GST collection for the entire month of July this morning.” We received the second highest level ever since the implementation of GST in July 2022 – 1.49 Lakh crore. “This is the fifth month in a row that receipts have exceeded 1.4 lakh crore,” the minister remarked.
Edible oil prices have also fallen considerably as a result of the government’s actions, she claims.
The union Finance Minister also dismissed allegations that the Modi government was working only for ‘Ambani and Adani’, and said Opposition-ruled states were also signing agreements with the two leading business houses.
The minister, while replying to a debate on price rise in the Lok Sabha, said the Congress government in Rajasthan signed two agreements related to renewable energy with the Adani Group a day after Rahul Gandhi while speaking in Jaipur accused the Centre of working for the two industrial conglomerates.
“…and Congress people repeatedly taunt us of being ‘Ambani-Adani sarkar,” she said.
Sitharaman further said the Congress party’s alliance partner DMK, which is ruling in Tamil Nadu, too has signed agreements with the Adani Group for setting up data centres.
Meanwhile, the Members of Congress and DMK walked out of Lok Sabha, expressing dissatisfaction over the reply of Finance Minister Nirmala Sitharaman to a debate on price rise.
In the middle of Sitharaman’s reply, Congress members walked out of the House. After a few minutes, DMK members also walked out as a mark of protest.
Later talking to reporters outside the Parliament House, Congress member Manish Tewari, who initiated the debate, said that as per the government, “no inflation exists like no one killed Jessica. Everything is hunky-dory, that is your (government) response to the concerns raised by the Opposition”.
He also said the minister’s response was arrogant.