While the global economy is struggling, India is uniquely positioned to be optimistic and positive about its future growth, finance minister Nirmala Sitharaman said on Thursday.
Participating in the debate on the no-confidence motion in Lok Sabha, the minister said, “In 2013, Morgan Stanley called India a fragile economy. Same Morgan Stanley has upgraded India; just in nine years, the fragile economy came out because of our government’s policy.”
The minister highlighted that India is the fastest-growing economy despite disruptions due to the pandemic. “The global economy is struggling with the twin challenges of high inflation and slow growth. Europe is struggling. The European Central Bank has raised interest rates many times. Germany, which is the largest economy in Europe, also faces big challenges. China is seeing stagnation in wages and consumer demand. The US also got downgraded,” she said.
She said the global economy, which saw growth of just over 3% in 2022, is forecast by the World Bank to expand at an even lower rate of 2.1% in 2023. However, she said, India’s GDP, which expanded at a creditable 7.2% last fiscal, is seen to grow by 6.5% in 2023-24.
Shortly following the Reserve Bank of India’s decision to sharply raise the retail inflation outlook for Q2 to 6.2% from 5.2% due to elevated food prices, the minister said the government would launch a mega sale of tomatoes at Rs 70 per kg in every “nook and corner” of Delhi NCR this weekend. Increased shipments from other parts of the country, as well as Nepal, would boost supplies.
Further, imports of tur, urad and masoor have been initiated. The government has also completed 300,00 metric tonne of onion procurement as a buffer, the minister said.
“I want to highlight the fact that in all these essential commodities, we are taking enough steps but more (steps) will be taken because we are conscious that people need these at affordable prices,” Sitharaman said.
Delhi NCR citizens can procure tomatoes through the open network for digital commerce (ONDC) platform too, she said. Procurement from tomato-growing regions of Maharashtra, Andhra Pradesh and Karnataka for distribution through cooperative societies like NCCF and Nafed would continue in Bihar, West Bengal, Uttar Pradesh, Delhi and Rajasthan, the minister said. As on date, NCCF has distributed 8,84,612 kg of tomatoes in Rajasthan, Delhi NCR and UP.
“Sufficient stocks of domestic moong are available and therefore aggressive disposal measures are also being taken,” she said.