August 1, New Delhi: Union Finance Minister Nirmala Sitharaman stated on Monday that despite the COVID epidemic and geopolitical scenario, India’s economy is strong enough to avoid stagflation or recession like other big countries across the world.
Sitharaman stated in her response to the Lok Sabha discussion on price rises, “We’ve never seen anything like this before. We were all striving to ensure that folks in our districts received extra assistance. I recognise that everyone – MPs and state governments – has had a part. Without it, India would not be where it is now in comparison to the rest of the globe.”
“So I totally credit the Indian people for this. Even in the face of hardship, we are able to rise and be recognised as the fastest expanding economy “She stated.
The Finance Minister stressed that, as a result of the government’s actions, India is in a lot better situation than most other countries.
“In the view of worldwide agencies, India has often been identified as the fastest expanding economy. This House, regardless of political affiliation, should be proud of the country and its people. State governments have assisted “In the Lok Sabha, she remarked.
According to a study, Sitharaman believes India would never enter a recession.
According to Sitharaman, the US Gross Domestic Product (GDP) declined 0.9% in the second quarter after falling 1.6% in the first quarter. “They call it an unofficial recession to begin with. There is no danger of India entering a recession or stagflation “said the Minister
