Finance Minister in Parliament: Despite slowdown, Indian economy is not a victim of recession

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Finance Minister Nirmala Sitharaman on Wednesday while replying to a debate in the Rajya Sabha said that there is no recession in the economy. However, she admitted that there is slowdown, due to which the growth rate has come down. Citing the first tenure of UPA-2 (2009-2014) and NDA (2014-2019), inflation rate was low in the first term of the Modi government and the growth rate was moving very fast.

The Finance Minister said that while there was foreign investment of $ 18950 million in 2009-14, it increased to $ 28390 million between 2014-19. There has also been an increase in foreign exchange reserves. From $ 30420 million to $ 41260 million.

Earlier in the Rajya Sabha, the discussion on the economic situation of the country started from two o’clock after the lunch break. Congress member Anand Sharma started the discussion by saying that the growth rate of GDP is decreasing. He said that jobs are decreasing, factories are shutting down, the farmers of India are trampling. The gap between rich and poor is increasing. In the last five years, the wealth of one per cent of the country’s wealth has increased from 40 per cent to 60 per cent. The situation today is not just a recession but more worse than that.

The economy is moving towards a deep economic crisis. He said that there has been a decline of around 7% in investment. Both government investment and private investment have declined. He said that you repeatedly talk about the economy of five trillion dollars. You can quote an economy of ten trillion dollars, but it will reach 5 trillion dollars only when the growth rate of our economy will be nine percent for six consecutive years.

There was an increase in the growth rate
Replying to Anand Sharma’s question, the Finance Minister said that during the first term of the NDA government, there was also an increase in the growth rate. While the growth rate was 6.4 percent in 2009-14, it was 7.5 percent in 2014-19. Noting the lack of liquidity of capital, the Finance Minister said that this year the government has disbursed a loan of Rs 2.5 lakh crore.

This statement was given earlier
The Finance Minister said in Varanasi on 20 August 2019 that India’s economy is better than other countries. On the news of retrenchment of employees in the auto sector, she said that the solution is being worked out by talking to people associated with this sector. After with listening to their problems, every possible solution will also be made.

In response to a question asked on the defense budget, it was said that in the last four years more expenditure has been spent in the defense sector. It is true that there was no purchase in the defense sector before 2014. Now we have to compensate and move forward. No matter how much is spent, it is not bothered.

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