New Delhi: The government is taking enough measures to tame food inflation and more are underway, finance minister Nirmala Sitharaman assured parliamentarians on Thursday. She said favourable economic factors give India optimism about the future while the West is confronted by twin challenges of high inflation and slow growth and China by a consumer demand slowdown.
New Delhi: The government is taking enough measures to tame food inflation and more are underway, finance minister Nirmala Sitharaman assured parliamentarians on Thursday. She said favourable economic factors give India optimism about the future while the West is confronted by twin challenges of high inflation and slow growth and China by a consumer demand slowdown.
In her speech on the no-confidence motion moved by the Opposition, Sitharaman credited the Modi government’s policies and transformation in governance for stable economic growth.
In her speech on the no-confidence motion moved by the Opposition, Sitharaman credited the Modi government’s policies and transformation in governance for stable economic growth.
Subscribe to Continue Reading
The minister said that to cool food inflation, steps are being taken. Tur dal (split pigeon pea) import shipments from Mozambique are on the way and 300,000 tonne of urad dal (split and skinned black gram) is expected to be imported from Myanmar which will also help to cool prices, the minister said. Tomato is being procured from Maharashtra, Andhra Pradesh and Karnataka for distribution in the National Capital Region. “We have also initiated (tomato) imports from Nepal by removing the import restrictions and the first lot of tomatoes are expected to reach Varanasi, Luhnow and Kanpur by Friday itself,” the minister assured.
The minister said that aggressive disposal measures are being taken in the case of moong dal (green gram) for which sufficient domestic stock is available. Procurement of imported masoor dal has been initiated which will add to the reserves, the minister said. The government is also converting chana into chana dal for retail disposal under ‘Bharat Dal’ initiative and procurement of 300,000 tonne of onion has been completed. National Cooperative Consumers Federation of India is planning a sale of tomatoes in national capital region at subsidised price of ₹70 a kilo, the minister said.
“In the case of these essential commodities, we are taking enough steps but more will also be taken because we are conscious that people need essentials at an affordable price,” the minister assured.
In her speech that lasted more than an hour, Sitharaman countered the no confidence motion moved by the Opposition, capturing the milestones achieved under the NDA regime in infrastructure creation, digitisation of economy and administration, delivery of welfare schemes, cleaning up of bank balance sheets and the tag of the fifth largest economy that India has attained. Sitharaman’s speech also showcased how economic development, efficient governance and welfare of the vulnerable will remain as key issues on which NDA will contest national polls next year.
India is in a position of being optimistic about the future now while advanced economies are confronting challenges of high inflation and slow growth, Sitharaman said, crediting the Modi government’s policies and transformation in governance for the stable growth rate.
The minister said that while the UK is facing 15-year high interest rates and EU 23-year high interest rates, other major economies like Germany and China are facing economic contraction and consumer demand stagnation, respectively.
The minister said that while the global economy is slowing down, and expected to clock 2.1% growth in 2023 as per the World Bank outlook, India’s GDP is expected to grow at 6.5% during 2023-24 backed by reforms.
Sitharaman said Morgan Stanley had categorised India as one of the five fragile economies worldwide in 2013, but recently upgraded India’s ratings. The global financial services major had earlier this month upgraded its view on India to overweight from equal weight, four months after the firm upgraded India’s outlook from underweight, citing strong capex and profit outlook, among other factors that include macro economic stability and the government’s reforms agenda.
“Within a span of just nine years, the Indian economy has risen and experienced substantial economic growth, largely attributed to the policies of the government, even in the face of the Covid pandemic,” the minister added.
On the banking sector, Sitharaman said that the health of the banking sector under the Modi government has improved. “State-run banks have witnessed record profits of over ₹1 lakh crore in FY23 and gross and net bad loan levels are at their lowest in about a decade,” Sitharaman said.
“UPA showed people dreams, NDA fulfilled them,” said Sitharaman said while countering the no confidence motion. “We believe in the empowerment of all, but appeasement of none,” she said.
Meanwhile, opposition party members of Congress, DMK, TMC, and Left parties staged a walkout from the House while Sitharaman listed out the achievements of the NDA government.
