• Thursday, August 18, 2022

Business

Modi govt not running away from India’s economic issues, says finance minister Sitharaman

Indian finance minister Nirmala Sitharaman (ANI Photo)

By: Shubham Ghosh

INDIAN finance minister Nirmala Sitharaman on Tuesday (2) said nobody is in denial about the current situation in the Indian economy and added that both the government and the Reserve Bank of India has taken steps to keep inflation under check. The Narendra Modi government is facing strong criticism over the steep rise in price of commodities in the country.

During a debate in the Rajya Sabha or Upper House of the Indian parliament, which is currently in session, on Tuesday (2), Sitharaman said, “The Indian economy is in a better situation compared to the economies of developed nations. But that does not mean the government is running away from saying.. because of imported inflation and global commodity crisis, we are being impacted. These are the realities. Nobody is in denial on price rise,” Sitharaman said during a debate in Rajya Sabha.

“Our inflation rate has a band. Four is the median point. Minus two or plus two is usually accommodated. We are at seven with some effort, or slightly more than seven. We have made sure that the government and the RBI have taken steps to keep inflation below seven, ideally below six. So nobody is denying it,” the finance minister, who is a member of the Rajya Sabha, said.

Sitharaman, who accused the opposition of politicising the debate on inflation, claimed the Modi government has been in constant interaction with people who are affected.

“But to attribute to us, that you are not doing anything for the poor, you’re always for the Ambanis and the Adanis I’m compelled to take the names is absolutely politicising a debate which is so necessary for the country,” she said.

On Monday (1), the finance minister said in the Lok Sabha or the Lower House of the Indian parliament that there is no risk to the Indian economy as far as recession or stagflation is concerned.

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