Last Updated: January 17, 2023, 18:46 IST
What are the prime minister and the finance minister hiding from the nation, Congress chief Jairam Ramesh requested on Tuesday after Union minister Narayan Rane indicated that India might face an financial slowdown after June.
The minister for Micro, Small and Medium Enterprises (MSME) advised reporters in Pune on Monday that if India faces an financial recession, it should occur solely after June, however the Centre was making all efforts to keep away from such a scenario. He mentioned developed nations had been already going through an financial downturn.
“Narayan Rane, Union Cabinet Minister of MSMEs – which were destroyed since 2014 – forecasts recession in India after 6 months. He mentioned this in Pune to a G20 gathering. What are the PM (Narendra Modi) & FM (Nirmala Sitharaman) hiding from the nation?” Ramesh asked on Twitter.
Rane’s feedback got here after inaugurating the G20’s 1st Infrastructure Working Group (IWG). India at present holds the presidency of the G20 grouping.
“As I am in the Cabinet, some information is available to us and whatever advice we get from PM Modiji (Prime Minister Narendra Modi), on that basis, we can say that there is an economic recession in big countries. It is a reality,” he advised reporters.
“To guarantee India will not be impacted or to cease (the financial slowdown), which is predicted to come back after June… Modiji and the Centre are making efforts to make sure the individuals of the nation aren’t impacted by the slowdown,” Rane said.
India is set to lose its fastest-growing major economy tag this year going by the 7 per cent GDP expansion projected by the Statistics Ministry in the fiscal year ending March, this is on the back of weakening demand at home and abroad. That growth rate will be second only to Saudi Arabia’s expected 7.6 per cent growth.
While India’s industrial activity reverted to expansionary territory with the November 2022 Index of Industrial Production (IIP) posting an annualized growth of 7.1 per cent vis-à-vis a contraction of 4.2 per cent in the previous month, global headwinds led to exports contracting by 12.2 per cent to USD 34.48 billion in December.
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