Recession News: In many countries of the world, the threat of economic slowdown is being expressed at this time and its signs are beginning to be seen. America has also expressed the fear of recession and there inflation, unemployment figures are pointing to the fact that the shadow of recession may be over the US. There are also concerns about the economy in Britain and it recently slipped from the world’s fifth largest economy to sixth place. In such a situation, there can be some relief from the statement of the Union Finance Minister regarding whether India is also at risk of recession.
Finance Minister Nirmala Sitharaman denies the threat of recession
Union Finance Minister Nirmala Sitharaman said that India is in a stronger position as compared to other countries and is responsible for providing help to the needy sections. is also. Nirmala Sitharaman showed a positive attitude about GDP growth. During this, he also referred to the news in which it was said that there is no danger of recession in the country.
GDP expected to grow at 10% or more
Asked about the expectation of double-digit GDP growth this year, Sitharaman said, “I expect it to happen. We will work for it. If you are not standing on the verge of recession, it gives confidence. You are taking continuous steps to help the needy sections and give impetus to the economy.” According to official data released a few days ago, in the first quarter of the financial year 2022-23, the country’s economy has grown at the rate of 13.5 percent.
India is in a better position than other economies: Nirmala Sitharaman
The Finance Minister said that some people will try to attribute the low base of last year for this high growth. “We are in a stronger position than the economies we are talking about. We are actually the fastest growing economy,” he said. Referring to the reports of the World Bank and the International Monetary Fund (IMF), he said that the economies considered to be more developed than India are currently on the verge of recession.
The Finance Minister said this on the trend of free distribution by governments
On a question related to free gifts being distributed by the governments, Sitharaman said, “We must participate in this discussion because if you are giving something free to someone, it means that someone else is bearing the burden.” Is.” He suggested that any government coming to power should make financial provision for free gifts after assessing its financial position.
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