'Nobody in denial about price rise, but Indian economy...': Sitharaman in Rajya Sabha

Addressing the opposition’s concerns on inflation, Sitharaman said both - the government and the Reserve Bank of India, are taking steps to bring down inflation below 7 per cent and further under 6 per cent.

Union finance minister Nirmala Sitharaman on Tuesday asserted that the Indian economy is ‘doing much better’ compared to the situation prevailing in many developed nations. Replying to a short-duration debate on inflation in the Rajya Sabha during the ongoing Monsoon session, Sitharaman stressed that the fundamentals of the Indian economy are strong, and ‘nobody is running away from the discussions,’ news agency ANI quoted her as saying.

Union Finance Minister Nirmala Sitharaman speaks in Rajya Sabha during the Monsoon Session of Parliament, in New Delhi on Tuesday. (ANI Photo/ SansadTV) (ANI)

“Nobody is in denial about the price rise,” the finance minister said, holding ‘global factors’ accountable.

Addressing the opposition’s concerns on inflation, Sitharaman said both - the government and the Reserve Bank of India, are taking steps to bring down inflation below 7 per cent and further under 6 per cent. “The government has tasked the RBI to ensure that the consumer price index (CPI) based inflation remains at 4 per cent with a margin of 2 per cent on either side,” she said, reported news agency PTI.

Sitharam also slammed the then-UPA government and said Bangladesh was doing better than India in 2013. “There was a time when we were quoted repeatedly that Bangladesh is doing well, you are not…In 2021, Bangladesh's per capita GDP at PPP (Purchasing Power Parity) is USD 6,613 whereas ours is USD 7,334.”

Meanwhile, MPs of the Trinamool Congress staged a walkout after the Chair disallowed their leader to raise a point of order during FM's reply.

During her reply in the Lok Sabha a day ago, Sitharaman said according to the assessment of global agencies, India remains the fastest growing economy. “This House, irrespective of the party, should feel proud of the country and its people," she said as several Congress leaders staged a walkout calling the finance minister’s reply ‘disappointing.’