No question of India getting into recession: Finance Minister Nirmala Sitharaman

NEW DELHI: Finance Minister Nirmala Sitharaman on Monday said there is no question of India getting into recession or stagflation.

"There's no question of India getting into recession or stagflation. Zero chances of recession in India as per the Bloomberg survey," the finance minister said in Lok Sabha on the price rise issue.

After weeks of disruption in Parliament over price rise issue, Nirmala Sitharaman addressed the Lok Sabha today. "India's economy is better than most countries and is one of the fastest growing economies," finance minister said.

Replying to Adhir Ranjan Chowdhury's query, she said, "I would like to say there is no question of India getting into stagflation or, what it is called in USA, technical recession. There is absolutely zero probability of India slipping into recession." "It was actually a discussion on political topic rather than data-driven discussion. Around 30 MPs talked about price rise today. Most raised political angles rather than data-driven concerns," FM Sitharaman said.

"I fully credit the people of India ... even against adversity we are able to stand up and be recognised as the fastest growing economy," she said, adding that the government is trying to keep retail inflation down. "Efforts are being made to bring down retail inflation below 7 per cent," she said.

Hitting out at the Congress, the finance minister said, "The inflation was in double digits nine times under the UPA government. For 22 months, inflation was above 9% during the rule of the UPA government." (Agencies)

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