In an address during the No Confidence Motion discussion in Parliament today, Union Finance Minister Nirmala Sitharaman defended the government’s policies and showcased India’s remarkable economic transformation, asserting that progress is achieved through actions rather than mere rhetoric.
Sitharaman began her address in the Lok Sabha by emphasising the global economic challenges, including high inflation and sluggish growth, that have posed significant hurdles for nations worldwide.
Drawing attention to the dire situations in some developed countries, she said, “the United Kingdom’s struggle, where the Bank of England has raised interest rates 14 consecutive times, and the European Central Bank’s struggle with high inflation, having raised interest rates nine times to a 23-year high”.
Turning the focus to India, Sitharaman stated that “despite the global economic headwinds, India’s economy had achieved commendable growth”. Citing the turnaround in India’s economic fortunes, she recounted the country’s journey from being labelled a “fragile economy” by Morgan Stanley in 2013.