Highlights
- FM Sitharaman, in Lok Sabha, said that efforts are underway to bring retail inflation down to 7%
- Congress MPs walked out as Sitharaman spoke about the rising prices of goods in her speech
- The FM said that there is no question of India getting into stagflation or recession
Finance Minister Nirmala Sitharaman on Monday addressed the Lok Sabha and said that efforts are underway to bring retail inflation down to 7%. She countered the Opposition's uproar over price rise and assured that the Indian economy is still the fastest growing economy.
Congress MPs walked out as Sitharaman spoke about the rising prices of goods in her speech.
The FM said that there is no question of India getting into stagflation or recession. "Gross NPAs of banks at a six-year low of 5.9 pc; India's debt to GDP ratio at 56.21 pc in FY22, much lower than many nations."
Citing GST and macro data, FM Sitharaman says the Indian economy getting more robust. "Today morning we announced GST collection for 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 FM invoked the pandemic and said, "We've 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 & State Govts- has played their role. Otherwise, India wouldn't be where it is compared to 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."
Opposition's uproar
Opposition members in Lok Sabha on Monday blamed the BJP-led central government's policies for the price rise and accused it of ignoring the plight of common people, saying kitchens will soon "see a lockdown" if the Centre does not take corrective measures.
Initiating a debate on the issue of the price rise, Congress member Manish Tewari said the government's decisions have hit hard 25 crore households in the country and widened the divide between the rich and the poor.
He alleged that savings, investment, production, consumption and employment, the five pillars of the economy, have been blown away due to the wrong policies of the Union government.
Slamming the government over the GST hike, Tewari said, ”You have increased the GST on flour, curd, paneer, pencil and sharpener. You did not spare even children.” The Congress leader said he was “hurt” when 18 per cent GST was imposed on "crematoriums". Hitting out at the government over the rise in fuel prices, Tewari said the Centre collected Rs 27 lakh crore through “tax, excise duty and dividend” in the petroleum sector to swell its coffers but did not pass on the benefits to the people.
