New Delhi: The macroeconomic underpinnings of the Indian economy are sound, negating any chance of a recession or stagflation, according to Finance Minister Nirmala Sitharaman on Monday.
Replying to a debate on price rise in the Lok Sabha, she said the GST collection and Purchasing Managers’ Index (PMI) are indicating that the Indian economy is getting more robust.
To reach the second-highest figure of Rs 1.49 trillion in July, the GST collection increased by 28%.
In April 2022, the GST, which was enacted in July 2017, reached a record high of Rs 1.68 trillion.
Since the beginning of the Goods and Services Tax, this is the fifth consecutive month that the GST collection has exceeded Rs 1.4 trillion, and it has done so six times total.
She added that when compared to other nations, the banking industry in the nation is also robust.
She added that the government debt to GDP ratio had decreased to 56.29 percent in FY22, and that gross non-performing assets at scheduled commercial banks had fallen to a six-year low of 5.9 percent.
The minister stated that efforts are being made to lower retail inflation below 7%.
The government’s actions have caused a substantial correction in edible oil prices, she continued.
Congress members left the House after hearing the Finance Minister’s response to the price increase.
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Earlier on Monday, opposition legislators in the Lok Sabha accused the BJP-led central government of disregarding the hardship of ordinary citizens and blamed its policies for the price increase, warning that if corrective action is not taken, kitchens could soon “experience a lockdown.”
Congressman Manish Tewari started a discussion on the price increase by claiming that the government’s policies have negatively impacted 25 crore homes nationwide and increased the gap between the rich and the poor.
He claimed that the Union government’s bad policies had destroyed the five economic pillars of savings, investment, output, consumption, and employment.
“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 said.
The COVID-19 pandemic would have contributed to the current economic disaster, but the government’s move to demonetize high-value notes on November 8, 2016, he claimed, had already begun to deteriorate the nation’s economy.
Following the note ban, the government implemented the GST, which affected at least 230,000 small businesses.
“This note ban and GST not just impacted medium and small scale industries but employment also,” he said.
Kakoli Ghosh Dastidar, a member of the Trinamool Congress, claimed that the Centre was not taking any action to address the price increase and claimed that the continuous increases in LPG prices had made it impossible for the poor to prepare meals.
Does the government advocate for the consumption of raw vegetables?
The members looked delighted as Dastidar spoke while holding up a brinjal she had brought with her and biting into it.
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