“Growth is slow, but there can be no recession,” claimed Nirmala Sitharaman today in Rajya Sabha after the opposition attacked the Finance Minister over the economic slowdown in the country.
“If we critically see our economy, we would see that growth may have come down, but it is not a recession yet, it will not be a recession ever”, said Sitharaman.
She placed economic data on record to draw a comparison between UPA-II (2009-2014) and NDA-I (2014-2019). GDP growth was 6.4% during UPA-II years, compared to 7.5% during NDA-I under Modi, she said in her address.
She also said the government has taken strong measures to arrest the slowdown. The government reorganized stress in the banking sector and took steps to address banking sector problems. The government has earmarked Rs 70,000 crore in the Union Budget for the recapitalisation of state-run banks.
The Congress had lashed out on the Modi-led NDA government over the distressing economic conditions prevailing in the country, saying it’s a wake-up call for the Modi government to take note of “real statistics” and act accordingly if it’s seriously thinking of mitigating economic distress.