'Indian Economy Much Better Than Others': FM Nirmala Sitharaman In Rajya Sabha

However, the minister also acknowledged that global factors are impacting the economy, and said "these are realities".

By Ashita Singh
Tue, 02 Aug 2022 07:53 PM IST
Minute Read
'Indian Economy Much Better Than Others': FM Nirmala Sitharaman In Rajya Sabha

Finance Minister Nirmala Sitharaman on Tuesday said the government has adopted a targeted approach, based on ground-level inputs, to tackle retail inflation which is ruling at around 7 per cent. The Finance Minister mentioned all this during her reply to a short debate in Rajya Sabha.

She said that our economy is strong and better than other developed countries.

"Indian economy, compared to the situation prevailing in many of our peer groups & in many of developed economies, is definitely much better. But that doesn't mean that we're running away...we're here to discuss&answer them. Nobody is saying, nobody is in a denial about price rise," FM Sitharaman said.

However, the minister also acknowledged that global factors are impacting the economy, and said "these are realities".

She further compared Bangladesh's GDP to India and state the difference. "There was a time when we were quoted repeatedly - Bangladesh is doing well, you are not...The per capita GDP at PPP in 2013 for Bangladesh was USD 3,143 but it was USD 5,057 in the same period. In 2021, Bangladesh's per capita GDP at PPP is USD 6,613 whereas ours is USD 7,334," she noted.

The finance minister said that both the government and the Reserve Bank are taking steps to bring down inflation below 7 per cent and further under 6 per cent.

The government has tasked the RBI to ensure that the consumer price index (CPI) based inflation remains at 4 per cent with a margin of 2 per cent on either side.

Sitharaman also countered opposition charges that the central government was only working for Ambanis and Adanis and not the poor. Such arguments, she said only politicise an important debate like the one on price rise.

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