FM's reply on price rise: 'Criticism political, economy shows positive signs'
Defending the government over the issue of price rise, the BJP on Tuesday asked the opposition members to get over “Modi-phobia” and appreciate Prime Minister Narendra Modi for his handling of the situation during the peak of the COVID-19 pandemic and providing free food to 80 crore people of the country.
On Adhir Ranjan Chowdhury’s comments
Adhir Ranjan Chowdhury asked if we are heading into stagflation. I want to assure, we are not.
A Bloomberg survey has said zero probability of India slipping into recession even though there are several big economies that are at substantial risk of slipping into recession.
4,000 banks in China are on the verge of going bankrupt. In India, the NPAs of Scheduled Commerical Banks have hit an all-time low.
Govt debt to GDP ratio of many countries is in triple digits whereas we have controlled our debt at 56 per cent of GDP for 2021-2022. So even comparing general debt, we are in a far better position compared to other countries.
This morning we announced GST collection for July. We have garnered the second highest level ever in GST collection – 1.49 lakh crore. In April, it was 1.67 lakh crore, the highest. For 5 straight months, GST collection has been above 1.4 lakh crore mark.
The economy is getting more robust and showing very positive signs.
On Supriya Sule’s commentsÂ
Supriya Sule said we can’t be going on about the past and talk about our 8 years. When questions are raised not on facts, facts will have to be reminded. I would like to go back. In 2008 to 2013 period, we were a fragile country. Today, despite the pandemic, lockdowns in China Russia-Ukraine war, we have held the inflation within 7 and below. This has to be recognised.
In UPA, inflation went to double digits 9 times. Remember that when you tell us to keep inflation below 7. We will keep it below 7, Modiji is keeping an eye on this.
Adhir Ranjan Chowdhury named one economist who criticized the state of the Indian economy. Their problem is they will name the same economist always who criticizes us but they won’t talk about all the economists who in praise us. Raghuram Rajan has also praised RBI and our economy vis-a-vis the condition in Sri Lanka.
Raghuram Rajan has also said India has sufficient foreign exchange reserves, RBI is doing a good job, we don’t have problems like Sri Lanka. He has been very clear in his comments.
Adhir Ranjan is worried about inflation. Raghuram Rajan has said inflation is everywhere. Inflation is coming down now across the world and it will come down in India too. So this is what Rajan has said though he didn’t mention the efforts that our govt is taking to bring prices down.
We have to reduce drastically duty on edible oil imports to bring oil prices down.
On Adani/Ambani links