‘Indian economy will not get into recession…’: Nirmala Sitharaman on inflation

New Delhi: Union Finance Minister Nirmala Sitharaman stated in Lok Sabha on Monday that there is no danger of India entering a recession or stagflation.

Sitharaman also stated that the debate over rising prices is more political in nature than data-driven. Read More: DA Hike: THIS state increases dearness allowance to 34% for govt employees

“We've never seen a pandemic of this kind...all of us were trying to make sure that people in our constituencies are given extra help. I recognise that everybody -MPs & State Govts- has played their role,” ANI quoted Sitharaman as saying. Read More: GST collections in July second highest ever, rise 28% year-on-year to Rs 1.49 lakh crore

The minister's reaction comes amid a heated debate between the Narendra Modi government and the opposition over pricing increases.

"So, I totally credit the Indian people for this...even in the face of hardship, we are able to stand up and be recognised as the fastest growing economy," she remarked.

"We announced the GST collection for the entire month of July this morning." We received the second highest level ever since the implementation of GST in July 2022 - 1.49 Lakh crore. "This is the fifth month in a row that receipts have exceeded 1.4 lakh crore," the minister remarked.

Edible oil prices have also fallen considerably as a result of the government's actions, she claims.