December 13, 2024 23:44 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Bengaluru techie suicide: Karnataka Police issues summons to wife Nikita, her family members | French President Macron appoints centrist leader Francois Bayrou as new Prime Minister | Congress always prioritised personal interest over Constitution: Rajnath Singh | Jaishankar calls attack on Hindus in Bangladesh 'a source of concern' | Allu Arjun arrested over woman's death in stampede during Pushpa 2 premiere show | RBI receives bomb threat in Russian language, case filed | UP teenager kills mother, lives with body for 5 days | At least six people including a child killed in Tamil Nadu hospital fire | Amid Atul Subhash row, SC says mere harassment is not enough to prove abetment to suicide | India's D Gukesh becomes youngest ever world champion in chess
Nirmala Sitharaman
Image Credit: PIB

No chance of India going into recession: Nirmala Sitharaman on price rise in LS, Congress stages walkout

| @indiablooms | Aug 02, 2022, at 02:39 am

New Delhi/IBNS: Responding to a debate on price rise in Lok Sabha, Union Finance Minister Nirmala Sitharaman Monday gave an account of all the parameters to assess the economy and said there is no chance of the country going into recession or stagflation.

While she was in the middle of her response, the Congress party staged a walkout, saying they were not satisfied with the same.

"The pandemic, second wave of Covid, Omicron, Russia-Ukraine -- in spite of all this we have held the inflation at 7 per cent or below. And that has to be recognised," Sitharaman said. 

"Currently retail inflation is at 7 per cent. During UPA rule from 2004 to 2014, the inflation went into double digits. During that period, the inflation was above 9% for 22 consecutive months," she said. 

Most of the inflation, she said, is in food and fuel. "Food inflation is coming down in the world, and it will come down in India also," she added.

She said India is still better off than other nations and added that the GDP of the US fell 0.7 per cent in the 2nd quarter, after 1.9 per cent in the first quarter. 

"They called this unofficial recession. There is no question of India getting into recession... A Bloomberg survey of economists said there is 0 per cent possibility of India slipping into recession," she said.

Citing the other parameters of the economy, she said, "The NPA (Non-Performing assets) of commercial banks is at a six-year low. GST collections have been above ₹ 1.4 lakh crore consecutively for 5 months"

The finance minister's response came after 10 days of chaos in parliament with the opposition demanding a discussion on price rise.

The Treasury and Opposition benches agreed to discuss the price rise issue in the lower house after Parliament Affairs Minister Pralhad Joshi moved a motion for revocation of suspension of four Congress Lok Sabha MPs.

Around 20 members across parties participated in the price rise discussion in the lower house and even like-minded parties like Naveen Patnaik's Biju Janata Dal and the YSR Congress urged the government to take steps in arresting inflation.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.