"Chidambaram's speech had more sarcasm than content": FM gives point by point rebuttal
"Chidambaram's speech had more sarcasm than content": FM gives point by point rebuttal
With the opposition upping the ante against the government about economic slowdown, Finance Minister Nirmala Sitharaman allayed such fears and mentioned that green shoots are visible in the economy. Speaking in the Rajya Sabha the Finance Minister gave a point by point rebuttal to P. Chidambaram, a former Union Finance Minister during the UPA era. She gave a list of 7 indicators that showed that the economy is not in trouble as it is portrayed to be. "There are 7 important macroeconomic indicators which show that there are green shoots in the economy… economy is not in trouble" she said while replying to the debate on the Union Budget in the Lok Sabha.
She mentioned that the global sentiments are in favour of India and that the foreign investors continued to show confidence in India by pointing out that the country attracted a net FDI of USD 24.4 billion in April-November 2019-20 as against USD 21.2 billion for the same period last year.
Foreign Portfolio Investments also saw a huge increase with an inflow of USD 12.6 billion for April-November 2019-20 compared to USD 8.7 billion in the last fiscal.
She said that the Goods and Services Tax revenue collected in January 2020 grew at 12% while it grew at 6% in November 2019.
She mentioned that the sensex remained upbeat rising at 5.6% till January 2020.
Pointing to the manufacturing PMI which saw an 8 year high of 55.3 in January, she indicated the expansion in manufacturing sector. She also mentioned about the kicking off of the 103 lakh crores infrastructure pipeline that is set to boost growth and bring in FDI inflows that will create jobs.