Monsoon Session Finance Minister Nirmala Sitharaman on inflation in Lok Sabha says no question of country going

Finance Minister Nirmala Sitharaman on inflation in Lok Sabha - India TV Hindi News
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Finance Minister Nirmala Sitharaman on inflation in Lok Sabha

Highlights

  • Discussion on inflation in Lok Sabha today
  • Finance Minister Nirmala Sitharaman replied to the discussion
  • The possibility of the country going towards recession dismissed

Monsoon Session: Finance Minister Nirmala Sitharaman on Monday dismissed the possibility of the country going into recession, saying that despite the Kovid epidemic, Russia-Ukraine war and problems in the supply chain, India is today the fastest growing economy in the world. Along with this, he said that efforts are being made to bring down the retail inflation below 7 percent. Responding to the discussion on inflation under Rule 193 in the Lok Sabha today, Sitharaman said that the whole country stood united in difficult times and this is the reason that today we are in a stronger position than the rest of the world. He said that the credit should be given to the people.

“There is no question of India going into recession”

The Finance Minister said that for the last two years, while agencies like World Bank and International Monetary Fund (IMF) have been talking about the poor economic condition of the world, they say that India is the fastest growing economy in the world. Sitharaman said that the condition of the country is better than many other countries due to several steps taken by the government and the Reserve Bank of India. Responding to a remark by Congress MP Adhir Ranjan Chowdhury, he said that there is no question of India going into recession, while many economies of the world are on the verge of recession. Sitharaman said that as per reports, more than 4,000 banks in China are on the verge of bankruptcy, while non-performing assets (NPAs) of commercial banks in India have improved to a six-year low of 5.9 per cent.

“There was no war, epidemic-like crisis during the UPA era”
Nirmala Sitharaman further said that India’s debt-to-Gross Domestic Product (GDP) ratio is 56.21 in the financial year 2021-22, which is much lower than many countries. In her reply for more than one and a half hours, Sitharaman said that despite the global pandemic, Russia-Ukraine war, supply chain impasse and continuous lockdown in China, India’s position is better than many countries of the world. He said that there was no such crisis during the previous UPA government. The Finance Minister said that for 22 months during the UPA’s tenure, inflation was more than nine per cent and more than nine times it was more than 10 i.e. in double digits. He said that the Congress and the opposition should remember those days.

Significant increase in GST collection
Sitharaman said that as per the data presented today, the Goods and Services Tax (GST) collection has increased by 28 per cent to Rs 1.49 lakh crore in July, which is the second highest monthly figure ever. Earlier, in April 2022, the GST collection was Rs 1.67 lakh crore. The Finance Minister said that this is the fifth consecutive month when the GST collection is more than 1.4 lakh crores. He also said that the GST compensation dues of the states have been cleared till the month of May and only the arrears for the month of June are left and that too will be released.

“Ex-Governor of Reserve Bank has appreciated”
During this, Sitharaman also referred to the recent statement of former Reserve Bank Governor Raghuram Rajan. Rajan has said that the Reserve Bank has done a good job in increasing foreign exchange reserves and its situation will not be like that of neighboring countries like Sri Lanka. He also said that according to Rajan there is inflation all over the world, in such a situation the Reserve Bank is increasing the policy rate, which will help in bringing down inflation. He said that the former RBI governor also said that food inflation is decreasing in the world and will be less in India too.

Congress members walkout from the house
Referring to the reduction in customs duty on the import of crude palm oil, sunflower and soybean oil, the Finance Minister said that the government is trying to get cheap edible oil to the public and the prices of edible oils have come down in June as compared to May. During this, Congress members staged a walkout from the House expressing dissatisfaction over the Finance Minister’s reply. The Finance Minister said that the Congress, which has accused the government of not holding a discussion on inflation, is not ready to listen to the answer.

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