FM says Inflation under control

By Our Special Correspondent

Finance Minister Nirmala Sitharaman said on Monday that India is not at risk of recession or stagnation as the macroeconomic fundamentals of the economy are strong.

Responding to the debate on price hike in the Lok Sabha, she said that GST collections and Purchasing Managers' Index (PMI) indicate that the Indian economy is more robust.

GST, introduced in July 2017, will reach a record Rs 1.68 trillion in April 2022.

Since the introduction of Goods and Services Tax, the monthly GST collection has been Rs. This is the sixth time it has crossed the 1.4 trillion marks and the fifth consecutive month since March 2022, she said.

She said that the banking sector in the country is also healthy as compared to other countries.

She said gross NPAs of scheduled commercial banks touched a six-year low of 5.9 per cent and government debt to GDP ratio declined to 56.29 per cent in FY22.

The Minister said that efforts are being made to reduce retail inflation below 7%. She said that with the measures taken by the government, the price of edible oil has been corrected once and for all.