(MENAFN- Trend News Agency)
Emphasizing on the Centre's measures to tide over the global
economic slowdown, Union Finance Minister Nirmala Sitharaman on
Monday said India continues to be the fastest growing economy in
the assessment of international agencies, Trend reports citing ThePrint .
In her reply to the debate on price rise at the Lok Sabha,
Sitharaman said,“Repeatedly in the assessment of global agencies,
India remains the fastest growing economy. This House irrespective
of the party should feel proud of the country and its people. State
governments have helped.”
“We have 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
have played their role. Otherwise, India would not be where it is
compared to the 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 stated.
Sitharaman said India has sufficient forex reserves and economic
fundamentals are perfect.
The Finance Minister emphasized that due to the measures taken
by the government, India is in a much better position than most
She said prices of edible oils have corrected sharply following
steps taken by the government.
Highlighting India's robust economic health despite the COVID
pandemic and geo-political situation, Sitharaman said there is no
question of India getting into stagflation or recession like other
major economies of the world.
Referring to a survey, Sitharaman said there is zero possibility
of India getting into recession.
Sitharaman said the Gross Domestic Product (GDP) of the US fell
0.9 per cent in the second quarter following a 1.6 per cent decline
in the first quarter.“They start calling it an unofficial
recession. There is no question of India getting into recession or
stagflation,” said the Minister.
“In spite of that, we have held inflation well within 7 per cent
or below. That has to be recognised,” she told Lok Sabha.
She further said,“In India, the gross NPAs (Non-Performing
Assets) of scheduled commercial banks is at a 5-years low of 5.9
per cent in 2022. So our NPAs are improving. The government debt to
GDP Ratio of many countries is in triple digits including Japan,
Greece, Bhutan, Singapore, the US, Portugal, Spain, France, Sri
Lanka and Canada. But the central government very consciously
controlled its debt and it is at 56.29 per cent of the GDP at the
end of 2021-22 compared to the 59.9 per cent revised estimate that
According to IMF data, Sitharaman said the general debt to GDP
ratio is 86.9 per cent including the Centre and the state.
In July 2022, the Minister said the country has garnered the
second highest level ever since the introduction of the GST which
is Rs 1.49 lakh crore.“In April 2022, it was 1.67 lakh crore which
was the highest we reached. This is the fifth consecutive month
that collections have been above Rs 1.4 Lakh crores,” she said.
Quoting former Reserve Bank of India (RBI) Governor Raghuram
Rajan, she said,“On Saturday, Raghuram Rajan said that 'RBI has
done a good job in increasing foreign exchange reserves in India,
insulating India from problems being faced by neighbouring
“Differentiating India from its vulnerable neighbours, Raghuram
Rajan further added that 'New Delhi is less indebted', calling it a
good sign, the Minister said.
Amid Sitharaman's reply to the debate on price rise, Congress
members walked out from Lok Sabha.
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