Finance Minister Nirmala Sitharaman gave a reply on behalf of the government on inflation in the Lok Sabha on Monday. He said that during the UPA, inflation in the country was in double digits 9 times. Retail inflation was above 9% for 22 months, while we are trying to bring down inflation below 7%.
Sitharaman said- GST collection is more than 1.4 lakh crore rupees continuously for the last 5 months. 8 The infrastructure sector grew in double digits in June. In June, the core sector registered a growth of 12.7% at an annual rate. Indian economy is showing very positive signs.
When Sitharaman was replying on inflation, Congress MPs staged a walkout from the Lok Sabha.
Read what else the Finance Minister said on inflation...
1. Zero chances of recession in India
America's GDP declined 0.9% in the second quarter and 1.6% in the first quarter, which he called the unofficial recession. There is no question of recession in India. According to a Bloomberg survey, the probability of recession in India is zero.
2. The price of edible oil reduced due to the move of the government
After the steps taken by the government, the prices of edible oils have come down sharply. Despite the pandemic, the second wave, Omicron, Russia-Ukraine (war), we kept inflation at 7% or less. You have to believe it.
3. Good work to increase forex reserves
On Saturday, Raghuram Rajan said that the RBI has done a good job of increasing the foreign exchange reserves in India and protecting India from the problems of neighboring countries like Pakistan and Sri Lanka.
4. Second Largest GST Collection in July 2022
Sitharaman said that in July 2022, we have achieved the second highest collection ever since the implementation of GST. GST collection in July which stood at Rs 1.49 lakh crore. This is the fifth consecutive month that the collection has crossed Rs 1.4 lakh crore.
5. India's economy is better even in adverse conditions
We have to see what is happening in the world and what place India holds in the world. The world has never faced such a pandemic before. Everyone is doing their level best to come out of the pandemic, so I give credit to the people of India. India's economy is better even in adverse conditions.
6. Chinese bank on the verge of bankruptcy
4000 banks are on the verge of bankruptcy. The gross NPAs of scheduled commercial banks in India are at a 6-year low of 5.9% in 2022. Banks in China are on the verge of bankruptcy but in India the NPAs are decreasing.
7. Reduced import duty to reduce inflation
The Finance Minister said that the import duty on pulses and oilseeds has been reduced to reduce inflation. Import duty on lentils reduced from 30% to zero. For the steel industry also, custom duty has been reduced in some raw materials, after which the prices of steel in the domestic market have come down.
Congress said - the government is not even sparing the children
Before the Finance Minister's reply, Congress leader Manish Tewari said, "Inflation has been in double digits for the last 14 months in the country, which is the highest in 30 years. The Consumer Food Price Index is skyrocketing. GST has been increased on items like rice, curd, paneer and daily use items like pencils and sharpeners. Even the government is not sparing the children.
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