India’s economic condition is better placed than most countries due to various measures taken by the government and the Reserve Bank of India, Union Finance Minister Nirmala Sitharaman said in the Lok Sabha.
She further said that the country remains fastest growing economy in assessment of global agencies like IMF, World Bank and others.
As the Lok Sabha took up the discussion on price rise on Monday, a number of opposition leaders hit out at the government over fuel and food inflation.
After weeks of disruptions in Parliament over discussion on price rise, Sitharaman spoke in the Lok Sabha.
On the price rise issue raised by many Opposition members, the FM said that “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”.
On measures to rein in price rise, the finance minister said efforts are being made to bring down retail inflation below 7 percent. Citing GST and macro data, Sitharaman said the Indian economy is getting “more robust”.
Highlighting the various parameters reflecting the strength of the Indian economy, she said gross NPAs of banks were at six-year low of 5.9 percent and India’s debt to GDP ratio was at 56.21 percent in FY22, much lower than many nations.
On the pandemic’s impact on economy and livelihoods, she said, “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. 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,” Sitharaman added.
Opposition parties were demanding a discussion on the issue since the start of the Monsoon Session but the government insisted Sitharaman, who was out of action because of a Covid infection, would respond to it herself once she recovers.
