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During the discussion on the No Confidence Motion, Union Finance Minister Nirmala Sitharaman highlighted a significant transformation in India’s economic status.
She pointed out that back in 2013, Morgan Stanley had categorised India as one of the five fragile economies worldwide. However, she emphasised that in the present day, Morgan Stanley has upgraded India’s rating and placed it in a better position. She noted that within a span of just 9 years, the Indian economy has risen and experienced substantial economic growth, largely attributed to the policies of the government, even in the face of the COVID pandemic.
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Sitharaman stated that today, India holds the distinction of being the fastest-growing economy globally. She mentioned that India finds itself in a unique situation of harboring optimism and positivity regarding its future growth.
She stated that the global economy had experienced a growth of just over 3 percent in 2022, and the World Bank was now forecasting a decline to 2.1 percent in 2023. She made these remarks during her address to the Lok Sabha.
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She further stated that the real GDP growth for the fiscal year 2022-23 had reached 7.2 percent and was anticipated to expand by 6.5 percent in the fiscal year 2023-24. It was mentioned that these estimations aligned with forecasts from various international organisations, including their own RBI projection.
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