India’s Recovery Fastest, Budget To Bring Stability To The Economy, Says Nirmala Sitharaman

Last updated on February 17th, 2022 at 10:45 am

The Finance Minister of India, Nirmala Sitharaman, on Friday, said that India is the fastest-growing economy even during the Covid-19 pandemic.

She said that the Indian economy suffered the biggest contraction because of the Covid-19 pandemic, but the government managed the economy well. She said that the government had been able to contain retail inflation at 6.2 per cent. Reportedly, the Indian economy suffered Rupees 9.57 lakh crore loss due to the Covid-19 pandemic.

Sitharaman also said that Union Budget 2022-23 brought stability to the Indian economy, which was affected by the Covid-19 pandemic. She added that the objective of the Union Budget is the sustainable recovery in the economy. The Union Cabinet headed by Prime Minister Narendra Modi approved the Union Budget 2022-23 on February 1. Sitharaman said that the Union budget has been made to ensure the development of every sector in India for the next 25 years.

While replying to a general discussion on the Union Budget in the parliament, she said that the Indian economy is projected to grow at 9 per cent in the next financial year while the United States (US) is expected to grow at 4 per cent. Reportedly, India registered a de-growth of 7.3 per cent for the financial year 2020-21.

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According to NDTV, Sitharaman has raised capital expenditure (Capex) by 35.4 per cent for the financial year 2022-23 to Rupees 7.5 lakh crore.

She accused the Congress of not being able to handle inflation in 2008-09 even though the crisis it had faced was less devastating than the Covid-19 pandemic tackled by the Narendra Modi government. She said that inflation was 9.1 per cent at that time.

Earlier, Congress said that the Union Budget has nothing to offer to the middle classes, youth, farmers, or women. The Congress accused the Finance Minister and Prime Minister of disappointing middle-class people in Direct Tax measures.