No question of India going into recession, says FM Nirmala Sitharaman in Lok Sabha
NEW DELHI: There is no question of India getting into stagflation or recession, finance minister Nirmala Sitharaman said in Lok Sabha while responding to the debate on price rise.
While speaking in Lok Sabha, the finance minister said the GST collection and Purchasing Managers' Index (PMI) are indicating that the Indian economy is getting more robust.
"It is important for us to appreciate that our people have gone through the pandemic and after that the way in which global value chains have hit us. Because of the steps taken by the government and RBI, we remain better than most countries," she said on Monday.
"Many agencies are giving assessments by country. Each time they have downgraded global growth, India also has been reduced in terms of growth. But even after that, we remain as fastest growing," she said.
She said that GST collection has been above Rs 1.49 lakh crore consecutively for the past five months.
She also said that the banking sector in the country is also healthy compared to other countries. Efforts are being made to bring down retail inflation below 7 per cent, Sitharaman said.’
Real inflation is much higher than indexed inflation, what ever measures are taken are insufficient to curtail inflation. The easy money policy should end at once. The cheap money from Banks are utilised for hoarding in the name of raw material, semi finshed and finished and resulting in scarcity, ultimately resulting in price rise
Touting the GST as the main indicator for the growth of the economy is like fooling oneself. Besides, GST itself is prone to "leakages" as this is self declared by the businesses. There are many other indicators, variables and parameters on which the macro economy is based on. GST is one among them. Further "real growth" of the economy must translate to increased employment opportunities, which is lacking at this juncture!!! Comparing inflation rate to other economies is also a misnomer. Each countrys economic circumstance and variables are different and as such comparison becomes very difficult. The govt can fool itself but not the people!!!!!!
Madam, Do something to mitigate loss of Ordinary Citizen including BJP followers on LIC IPO trusting your Team.
Idiots ruining the economy.... no one is protesting... Fake Modi govt spoiling.. everything..
Ironically, GOI have to pay more than 90000 cr for OIL bond in the next 5 years.
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good for the country's ordinary Indian people.
“We will not go into recession “ said Sitharaman<br/>Because we are already there, Lol
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BJP govt under Modi & lunatic ministers like Sitharaman will make sure India is pushed into a recession by tax loot and shady loans to private business friends who fund their election time marketing campaigns
does she understand what is recession ?
Too much unrecoverable loans given to people and in huge amounts to some people are the causes of inflation, price hikes and down tun of the economy.
also she talks rubbish
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even the ex RBI governor who is a critic of BJP is appreciating Centre’s economy management
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Parroting what the high command wants her to say. Useless FM .
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this dumb kalluraani has ZERO knowledge of Finance
Only because the opposition hopes for it, recession wont happen, that too without any major reason. Large economies like India are hard to accelerate as well as to slow down. It takes a very long series of events to bring any noticeable difference.
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Commendable Achievement of Bharat when many Developed countries including USA tethering on verge of falling into recession due to Inflation, Pandemic , Ukraine War. Once these are Controlled World wide, there is going to be Exponential Growth in Bharat. Keep it up, great going, be it Infrastructure development, job creation , Healthcare, Education, Business, Economic development
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When major economies are going through recession, our opp is complaining even when india is doing much better
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BJP can never have recession
Her guilty conscience is tormenting her day in and day out.
The main advantage of India is that we have fundamentals very strong and demographic advantage that will propel us ahead.
Why should we go into recession wherein we are paying GST even on funeral item's
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The most illiterate and useless govt after India got independance
Thz lady can't even spell "Economy"