More inflation fighting steps underway; Indian economy better placed than China, West: FM
₹70 a kilo, the minister said. "In the case of these essential commodities, we are taking enough steps but more will also be taken because we are conscious that people need essentials at an affordable price," the minister assured.
In her speech that lasted more than an hour, Sitharaman countered the no confidence motion moved by the Opposition, capturing the milestones achieved under the NDA regime in infrastructure creation, digitisation of economy and administration, delivery of welfare schemes, cleaning up of bank balance sheets and the tag of the fifth largest economy that India has attained. Sitharaman's speech also showcased how economic development, efficient governance and welfare of the vulnerable will remain as key issues on which NDA will contest national polls next year.
India is in a position of being optimistic about the future now while advanced economies are confronting challenges of high inflation and slow growth, Sitharaman said, crediting the Modi government's policies and transformation in governance for the stable growth rate. The minister said that while the UK is facing 15-year high interest rates and EU 23-year high interest rates, other major economies like Germany and China are facing economic contraction and consumer demand stagnation, respectively.
The minister said that while the global economy is slowing down, and expected to clock 2.1% growth in 2023 as per the World Bank outlook, India's GDP is expected to grow at 6.5% during 2023-24 backed by reforms. Sitharaman said Morgan Stanley had categorised India as one of the five fragile economies worldwide in 2013, but recently upgraded India's ratings.
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