Finance Minister Nirmala Sitharaman on Friday said the Indian economy suffered the biggest contraction due to COVID-19 pandemic, but the government has been able to contain retail inflation at 6.2 per cent.<\/p>\n\n\n\n
Replying to a general discussion on the Union Budget in Rajya Sabha, the minister said, the Budget for 2022-23 fiscal year, stands for continuity, brings stability to the economy along with predictability of taxation.<\/p>\n\n\n\n
She stated that the objective of the budget is a stable and sustainable recovery in the economy.<\/p>\n\n\n\n
Compared to the performance of the UPA government during the global financial crisis in 2008-09, she pointed out that retail inflation was 9.1 per cent during the financial crisis of 2008-09, while it is at 6.2 per cent during the COVID-19 pandemic that has a bigger impact on the economy.<\/p>\n\n\n\n
The minister said that the Indian economy suffered the biggest contraction because of the pandemic.<\/p>\n\n\n\n
She explained that the Indian economy suffered Rs 9.57 lakh crore loss due to the pandemic, compared to a loss of Rs 2.12 lakh cr during the global meltdown in 2008-09.<\/p>\n\n\n\n
She also told the House that capital spending gives much more multiplier than revenue route and therefore the government has increased public capital spending to boost the economy.<\/p>\n\n\n\n
Sitharaman said that the government is also encouraging startups which resulted in creation of many unicorns during the pandemic.<\/p>\n\n","protected":false},"excerpt":{"rendered":"
Finance Minister Nirmala Sitharaman on Friday said the Indian economy suffered the biggest contraction due to COVID-19 pandemic, but the government has been able to contain retail inflation at 6.2 per cent. Replying to a general discussion on the Union Budget in Rajya Sabha, the minister said, the Budget for 2022-23 fiscal year, stands for continuity, brings stability to the economy along with predictability of taxation. She stated that the objective of the budget is a stable and sustainable recovery in the economy. Compared to the performance of the UPA…<\/p>\n","protected":false},"author":1,"featured_media":32624,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[6,4],"tags":[],"_links":{"self":[{"href":"https:\/\/dinnews.in\/index.php?rest_route=\/wp\/v2\/posts\/32623"}],"collection":[{"href":"https:\/\/dinnews.in\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dinnews.in\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dinnews.in\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/dinnews.in\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=32623"}],"version-history":[{"count":1,"href":"https:\/\/dinnews.in\/index.php?rest_route=\/wp\/v2\/posts\/32623\/revisions"}],"predecessor-version":[{"id":32625,"href":"https:\/\/dinnews.in\/index.php?rest_route=\/wp\/v2\/posts\/32623\/revisions\/32625"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dinnews.in\/index.php?rest_route=\/wp\/v2\/media\/32624"}],"wp:attachment":[{"href":"https:\/\/dinnews.in\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=32623"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dinnews.in\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=32623"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dinnews.in\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=32623"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}