No recession in Indian economy: Nirmala in RS

No recession in Indian economy: Nirmala in RS
Nirmala Sitharaman (File)
NEW DELHI, NOV 27 (AGENCIES) | Publish Date: 11/27/2019 12:34:24 PM IST

Replying to a debate in the Federal chamber, Finance Minister Nirmala Sitharaman put forward a number of macro-economic data comparing period between UPA-2(2009-2014) and NDA-1(2014-2019). Presenting the figures, she reminded the opposition that the economic recovery is as much based on perception as it is based on governmental intervention.

Presenting the numbers, Nirmala reiterated that growth may have come down but there is no recession like situation in India. GDP growth was 6.4 per cent during UPA-2 years, compared to 7.5 per cent during NDA-1. Talking about core inflation, FM clearly said that it was in control during the NDA-1 years, compared to UPA-2. It was 5.1 per cent during NDA-1 compared to 9.4 per cent in UPA-2.

FDI inflows in 2009-14 were USD 189.5 billion and the same were USD 283.9 billion under BJP rule in the following five years, she said, adding foreign exchange reserves rose to USD 412.6 billion under BJP from USD 304.2 billion in UPA-II.

The Congress on Wednesday attacked the government over the state of the economy, saying it is time for the Modi dispensation to wake up, take note of “real statistics” and act to fix the problem. “Rural India has been driven into a hole by the Modi government. The people benefitted from Minimum Support Price (MSP) under the UPA government but it has fallen under the Modi government,” claimed Rajeev Gowda.

Excerpts from Nirmala Sitharaman’s speech in Rajya Sabha

*GDP growth was at 6.4% at the end of 2009-2014 vs 7.5% between 2014-2019.

* Economy suffering from twin balance sheet problem. Lagged effect of twin balance sheet crisis faced by banks resulted in GDP falling in last two financial years.

* Rs 2.5 lk crore was given to borrowers as part of banks’ outreach programme.

* Insolvency and Bankruptcy Code yielding results; Rs 70,000 cr capital infusion in banks seeing results in rise in liquidity.

* Rs 2.5 lakh crore distribution in loan outreach programme, said Nirmala, dismissing notion of liquidity being a problem in economy.

* There is lot to improve on taxation front.


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