India is going through no danger of recession or stagflation as macroeconomic fundamentals of the financial system are sturdy, Finance Minister Nirmala Sitharaman mentioned on Monday.
Replying to a debate on worth rise within the Lok Sabha, she mentioned the GST assortment and Buying Managers’ Index (PMI) are indicating that the Indian financial system is getting extra sturdy.
The GST assortment rose 28 per cent to the touch the second-highest degree of Rs 1.49 lakh crore in July. GST, launched in July 2017, touched a file excessive of Rs 1.68 lakh crore in April 2022.
That is the sixth time that the month-to-month GST assortment crossed the Rs 1.40-lakh-crore mark because the inception of Items and Companies Tax and the fifth month at a stretch since March 2022, she mentioned.
She additionally mentioned that the banking sector within the nation can be wholesome in comparison with different international locations.
Gross NPAs of scheduled industrial banks have reached a six-year low of 5.9 per cent, she mentioned, including that authorities debt to GDP ratio has come all the way down to 56.29 per cent in FY22.
Efforts are being made to deliver down retail inflation under 7 per cent, the minister mentioned.
Costs of edible oils have corrected sharply following steps taken by the federal government, she added.
Not proud of the reply of the Finance Minister on the worth rise, Congress members walked out of the Home.