NEW DELHI: Union finance minister Nirmala Sitharaman said that the Indian economy would slip into recession although the growth has slowed down.
After the introduction of her budget, several sectors including automobile sector has shown signs of recovery.
She added that prime minister Narendra Modi himself is taking an interest in the growth of Indian economy. Opposition mentioned issues such as PSUs’ disinvestment, demonetisation, and unemployment which also affects the purchasing power of the people.
Minister Sitharaman said that direct tax and GST collections had seen an increase in the current fiscal year's first seven months.
She then blamed the fall of the economy on non-performing assets (NPAs) or bad and heavily indebted corporates, due to UPA lending,
She then rejected the criticisms directed at her budget which failed to mention to concerns of a slowing down economy.
Congress MP Jairam Ramesh said that central government should acknowledge the fact that India is seeing prolonged effects of demonetisation. He called demonetization a political masterstroke where the economy paid a heavy price for it.
Goods and services tax affected small and medium enterprises and benefited the super-rich more.
BJP leader Sudhanshu Trivedi responded to the opposition by saying that they are not listening to the facts and their fear-driven more by their anti-Modi sentiments. He mentioned BJP's biggest inclusion initiative called 'Jan Dhan Yojana'.
BSP’s Satish Chandra Misra said that the government should cut down extravagance and expense.
Congress spokesman Rajeev Gowda further attacked the Modi and added that they should wake to the reality which highlights the falling economy. He opined that the Modi government should listen and fix the real problems.
The country is also witnessing an agrarian crisis which is also triggered by the number of floods which took place across India.