FM Sitharaman said this in response to a discussion in the Rajya Sabha on the economic situation of the country.
Finance Minister Nirmala Sitharaman, on November 27, said that economic growth might have slowed down but there was no impending threat of a recession. She said this in response to a discussion in the Rajya Sabha on the economic situation of the country.
"Growth may have come down, but not a recession yet, and won't be a recession ever," FM Sitharaman said.
A recession is typically defined as a period of negative economic growth over two consecutive quarters.
— moneycontrol (@moneycontrolcom) November 27, 2019
She highlighted that, at the end of the period 2009-14, India's real GDP growth rate stood at 6.4 percent while the same was at 7.5 percent at the end of 2014-19.Also, core inflation at the end of the UPA-II government was 9.4 percent while it stood at 5.1 percent at the end of the BJP-led NDA's five-year term ending 2019, Sitharaman said. She added that food inflation had also touched 11.2 percent by the end of 2014 while it was at 3.5 percent at the end of 2019.LIVE NOW... Video series on How to Double Your Monthly Income... where Rahul Shah, Ex-Swiss Investment Banker and one of India's leading experts on wealth building, reveals his secret strategies for the first time ever. Register here to watch it for FREE.