No question of India getting into recession or stagflation, says FM Sitharaman

Union Finance Minister Nirmala Sitharaman said in Lok Sabha that there is no question of India getting into recession or stagflation.

Sitharaman also added that the discussion over rising prices has more of a political angle to it than data-driven concerns.

"Without undermining some of the points that many members have said, I find that it was more a discussion on political angles of price rise rather than actually data-driven concerns about price. So, I too will try to reply a little politically," she said.

Further, the Finance Minister also pointed out that India remains fastest growing economy in assessment of global agencies.

Citing macro-data, the minister added that gross NPAs of banks stand at six-year low of 5.9 per cent and India's debt to GDP ratio at 56.21 per cent in FY22, much lower than many nations.

Prices of edible oils have also corrected sharply following steps taken by government, she said.

Speaking on the COVID-19 situation, Sitharaman 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."

Meanwhile, Congress MPs walked out of Lok Sabha as amid Sitharaman's reply to the discussion on price rise.

Additionally, discussion on price rise to be held from 2 pm today in Rajya Sabha. 16 Opposition MPs, including TMC's Derek O'Brien and Congress' Phulo Devi Netam, have given Notice under Rule 176. Sitharaman will reply tomorrow evening.

Since the beginning of the Parliament's monsoon session on July 18, the Opposition in both the House had been raising the issue of rising prices and GST, leading to near washout of proceedings.