No question of India getting into recession: FM Nirmala Sitharaman in Lok Sabha

Mangalore Today News Network

New Delhi, Aug 01, 2022: Finance Minister Nirmala Sitharaman on Monday said there is no question of India getting into recession or stagflation.

 

"There’s no question of India getting into recession or stagflation. Zero chances of recession in India as per the Bloomberg survey," the finance minister said in Lok Sabha on the price rise issue.

After weeks of disruption in Parliament over price rise issue, Nirmala Sitharaman addressed the Lok Sabha today.

"India’s economy is better than most countries and is one of the fastest growing economies," finance minister said.

Replying to Adhir Ranjan Chowdhury’s query, she said, "I would like to say there is no question of India getting into stagflation or, what it is called in USA, technical recession. There is absolutely zero probability of India slipping into recession."

"It was actually a discussion on political topic rather than data-driven discussion. Around 30 MPs talked about price rise today. Most raised political angles rather than data-driven concerns," FM Sitharaman said.
"I fully credit the people of India ... even against adversity we are able to stand up and be recognised as the fastest growing economy," she said, adding that the government is trying to keep retail inflation down.

"Efforts are being made to bring down retail inflation below 7 per cent," she said.

Hitting out at the Congress, the finance minister said, "The inflation was in double digits nine times under the UPA government. For 22 months, inflation was above 9% in UPA govt."

Earlier in the day as the proceedings resumed in Parliament after both Houses were adjourned till 2 pm, Lok Sabha Speaker Om Birla revoked the suspension of Congress MPs.

Opposition parties have been demanding a discussion on the issue since the start of the Monsoon Session of Parliament. Finance Minister had contracted Covid-19 due to which she was out of action.

’GST COLLECTION ABOVE Rs 1.4 LAKH CR’

"Today morning, we announced GST collection for the entire month of July. In July 2022, we garnered the second highest level ever since the introduction of GST, which is Rs 1.49 Lakh Crores. This is the fifth consecutive month that collections have been above Rs 1.4 lakh crores," the minister said in her reply.

Congress MPs staged a walkout when the Finance Minister was speaking in the Lok Sabha.

’OPPOSITION DEBATES OVER PRICE RISE’

Earlier in the day, Opposition members hit out at the BJP government’s policies for the price rise. "Kitchens will soon see a lockdown if the Centre does not take corrective measures," the Opposition said.

Congress leader Manish Tewari started the debate and said, "The government’s decisions have hit hard 25 crore households in the country and widened the divide between the rich and the poor."

“During the UPA regime, 27 crore people were brought above the poverty line. Then it was learnt from a report, which was made public in 2021, that as many as 23 crore people are once again below the poverty line, “ he was quoted by news agency PTI as saying.

“The government may have streamlined its own budget, but has completely spoiled the life of country’s 25 crore households. every homemaker is in tears,” Manish Tewari said, and asked the government, “What kind of nation are you building?”

TMC LEADER BRINGS BRINJAL TO PARLIAMENT

Trinamool Congress MP Kakoli Ghosh Dastidar staged a unique protest in Lok Sabha to highlight the issue of soaring prices in the country.

During the discussion in Parliament, TMC MP took out a raw brinjal that she had carried to the house, bit into it and asked if the government expects people to eat row vegetables.

"Does the government want people to eat vegetables raw?,"Kakoli Ghosh asked, leaving the members visibly amused.

During a discussion on the topic of price rise, the MP took out an uncooked brinjal that she had carried to the house, bit into it and asked if the government expects people to eat row vegetables, to point out that cooking gas has become highly expensive.

Opposition parties had stalled Parliament proceedings for days demanding a debate on the price rise.

Courtesy: India Today