The finance minister says nothing to worry about the rising price, the country’s economy is the fastest growing. The opposition walks out amid Nirmala Sitharaman’s speech.
The price hike has been a topic of discussion in Parliament recently. The Finance Minister of India, Nirmala Sitharaman finally broke her silence on the ongoing debate in Rajya Sabha on Monday.
The finance minister stated that the Government is taking every kind of precaution in order to protect the national economy from any worldwide events. She also added that the IMF and World Bank had determined that India’s economy was expanding more quickly than the other major economies.
“Despite the pandemic, the second Covid wave, Omicron, and Russia-Ukraine, we have managed to keep inflation at or below 7%. And that needs to be acknowledged, “added Ms. Sitharaman.
She further added interesting points that retail inflation is currently at 7%. Whereas, inflation reached double digits from 2004 to 2014 when the UPA (United Progressive Alliance) was in power. She even mentioned that the food and fuel prices are the most receiving hikes. According to her, food inflation is declining globally and it will decline further in India as well.
She also assured that India in no doubt will experience a recession. Nirmala Sitharaman replied to the matter after ten days of this ongoing issue.
Why the debate with Finance Minister?
The debate strike when Manish Tewari, a Congress member, initiated the discussion and made his point on the ongoing rising prices issue. According to him, the government’s budget has been bolstered by the most recent GST increase, but the budget of 25 crore Indians have been destroyed. He said that this is all the reason for BJP’s mismanaging the economy.
The reaction of the Opposition
The Congress and DMK walked out while Sitharaman was giving her speech, saying that it was ‘dissatisfactory’.
Adhir Ranjan Chowdhury, a leader of the Congress in the Lok Sabha, also voiced his displeasure with the discussion. “Prices are going up, and people are having problems, but the government doesn’t seem to care. They brag about helping other nations by donating money to them. Why not do it for those who live here if you can afford to compensate those in another country?”
India’s government announced on Monday that it has collected Rs 1.49 Lakh in GST for the month of July, ranking second in the world since the tax was introduced in 2017.
Moreover, the opposition also questioned about the state of the economy. However, Sitharaman was replying to the questions but got interrupted when the MPs from the opposition decided to walk out.
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