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‘India No Where Near America’s Economy’: Congress Lashes Out At Centre For Comparing India With US

This News Publish on Youtube, entitled “‘India No Where Near America’s Economy’: Congress Lashes Out At Centre For Comparing India With US” here is their detail.

Let me come therefore to the final question which is i think an underlying theme which was in that debate which was about recession indian economy is it better place than others are we less likely or zero possibility as has been suggested of going into recession let's listen to what nirmala sitharaman said.

A bloomberg survey which was done by economists has said that zero probability of india slipping into recession so it's not just me saying there is zero probability of india slipping into recession manishiwari you want to respond to that.

That is being held up by the government as a sign again it comes back to where we started are we better placed than other countries has been a central theme of the government's response during the price rise debate oh i do hope and pray that india does not go into a recession but having said that when you make a comparison with the.

United states of america of japan you're really making an erroneous comparison to the system reason those economies are 16 or 18 trillion dollar economies and their growth rate has historically been at about 2.3 so the possibility of those economies slipping into what is the technical recession has always been higher than.

India in fact at various points in time when you've not had these black swan events you know the u.s economy has slipped into the session but for a country like india where you require eight percent economic growth in order to serve the employment and the other needs of the country and to think of going into recession from those numbers.

That control countries are not visible today you know the the opposition says let's play that the opposition says that post 2008 post the financial crisis when the upa was under pressure the uh.

Nda kept pointing out at various numbers to expose the up government now when the numbers are not looking so good the general line of government's defenses look we are doing better than the rest of the world now for many that's not good enough there is a job crime why not admit that some of the data suggests the glasses are empty.

There are some good points we're not in a v-shape with a recovery it could well be a k-shaped recovery there's a declining growth why not accept this rather than saying all is well look at the rest of the world we are better but rajdeep it's off that you are repeating manish's point as a question because.

Post 2008 the upa government's underbelly was shown up because of their policy paralysis the indian economy tanked and all those numbers high inflation low growth are there on the record right now we have had two major global crises one the pandemic and the conflict in ukraine and the numbers are very clear the.

Fastest growing large economy in the world is india so i mean obviously we should celebrate that and lower inflation than almost every other country uh of course we should celebrate that it's not a question of saying we're doing better than the world the whole world has been impacted and we have done better it's a fact now let me let me.

Point out that you asked about recession and stagflation your viewers need to know the exact definition the definition of recession is two quarters of negative growth which has happened in the us and far from negative growth we have the world's highest growth then the other thing is you should have low growth and high inflation to be called stagflation.

We have just the opposite we have high growth and moderate inflation below the rest of the world so there is no question of that is why bloomberg surveys and others are saying that there is zero chance of stagflation or recession in india look i want to conclude by saying that you cannot minimize the fact that 800 million.

People got grains and food throughout the last almost two and a half years starting from the pandemic now this has been made possible by the modi government's very conservative fiscal control of the economy remember two years ago the rest of the world was throwing money at the problem and the modi government was targeting money at.

The poor now you raj neither you nor manish nor i may have received those food grains help so maybe the the audience in which we discuss this in delhi's elite circles may not appreciate it but 800 million people is a very large number who have been saved from inflation who have been saved from the misery of the world economic.

Situation because of these steps and i can tell you that they dearly appreciate it you want a final quick last word mr tiwari well uh rajiv if the government wants to be in denial then uh you know nothing needs to be said the fact remains the gdp curve is going down.

The unemployment numbers are going up uh headline inflation has been going up uh consumer food price index remains at a very very above seven percent and if the government is not prepared to wake up and wants to tell the country but all as well than the rest of the world the argument.

Is consistent we are better off and some of the data does show that the fact is we are better off than and i'll give 10 seconds to jaipanda also to respond to that is there an element of denial look i there is no element of denial we have faced very real challenges and everybody from prime minister modi.

Himself has addressed and faced those challenges squarely head on starting with the pandemic two and a half years ago and over the last six months with the ukraine conflict and i've spelled out all the steps that have been taken which is why india is better off than you know even our neighbors are collapsing and.

Major economies like the us are going into recession so obviously we can we are not living in a vacuum the you know we do we are impacted by what is happening in the rest of the world especially by oil prices right and we can't say that uh you know that forget about what is happening in the rest of the world we should uniformly on a.

In a vacuum we should be in a perfect situation that's not reality that's not life so considering the challenges we have faced which the whole world has faced we have done better than everybody else

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