No question of India getting into stagflation or recession: FM in Lok Sabha

Union Finance Minister Nirmala Sitharaman on Monday said in Lok Sabha said there’s no question of India getting into stagflation or recession.

“Without undermining some of the points that many members have said, I find that it was more a discussion on political angles of price rise rather than actually data-driven concerns about price. So, I too will try to reply a little politically,” said Sitharaman in Lok Sabha at a discussion on price rise.

India remains fastest growing economy in assessment of global agencies, said Sitharaman in Lok Sabha.

Since the beginning of the Parliament’s monsoon session on July 18, the Opposition in both the House had been raising the issue of rising prices and GST, leading to near washout of proceedings.

Rajya Sabha to take up discussion on price rice on Tuesday, said union minister Piyush Goyal.

She said that gross NPAs of banks are at six-year low of 5.9%. India’s debt to GDP ratio at 56.21% in FY22, much lower than many nations, said Sitharaman.

“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. 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,” she said.

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