Union Finance Minister Nirmala Sitharaman speaks in the Lok Sabha, during the ongoing Budget Session of Parliament, in New Delhi, Thursday, Feb 10, 2022.
Highlights
- Nirmala Sitharaman termed Bharatiya Janata Party's era as 'amritkaal' on Feb 10 in Parliament
- In 1991, India had foreign reserves of just 2 weeks, that was 'andhkaal' in real sense: Sitharaman
- Double digit inflation during UPA-1, UPA-II was indeed 'andhkaal', added FM Sitharaman
The Union Finance Minister Nirmala Sitharaman, while responding to a question in the Parliament on Thursday (February 10), termed the Congress' era as 'andhkaal' and the Bharatiya Janata Party's era as 'amritkaal'.
"Let me start with the time of your government in 1991, when India had foreign reserves of just two weeks, that was the 'andhkaal' in real sense, and that compelled you to bring those economic reforms. Double digit inflation during UPA-1 and UPA-II was indeed the 'andhkaal', and the coal scam, 2G scam, antrix-devas scam, that all was 'andhkaal'; the all parameters of micro economics were disrupted during your time and that was the 'policy paralysis' era, that was the 'andhkaal', you started picking the cherries, but ended-up to have only coal," Sitharaman said referring to the Opposition.
"The Indian economy now has become the fastest growing economy in the world with a projected growth of 9 per cent for this year, next year and next to next year; whereas the US economy, which is considered as world's strongest economy, is expected to grow by 4 per cent," the Finance Minister said.
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"The Modi government managed to keep our current account with 0.9 per cent surplus even in the pandemic time, whereas during the UPA time there was a fiscal deficit over 2 per cent."
"In the 2008 financial crisis, Indian GDP took a hit of 2.21 lakh crores in terms of reduced gains. In the recent crisis, Indian GDP lost 9.57 lakh crore. Despite disruption to the supply chain, inflation in 2020-21 was 6.2 per cent, whereas in 2008-09, it was 9.1 per cent," Sitharaman said.
"44 Unicorns have successfully been identified in the country. They have created wealth and have also become the new showcasing of India's talent and innovation. This has happened between 2020-2021 and they are the symbols of growth," said the Finance Minister.
Responding to a query on BSNL, Sitharaman said that its not once or twice, the UPA government repeatedly "ignored" the investment requirement of the BSNL and that "resulted in a sharp drop" in BSNL's market share during UPA time.
Congress, IUML, and DMK walked out of the Lok Sabha during the address of the Finance Minister. The minister, irked by the Opposition parties' move, said, "Congress does not have the patience to sit in the House and face the truth. Instead, they run away."
