Sitharaman bullish on double-digit GDP growth, says nation on strong wicket

Hoping for a double-digit growth in GDP in this financial year, Union Finance Minister Nirmala Sitharaman on Saturday said the nation is on a strong wicket

Nirmala Sitharaman
Union Finance Minister Nirmala Sitharaman
Press Trust of India Hyderabad
2 min read Last Updated : Sep 03 2022 | 8:20 PM IST

Hoping for a double-digit growth in GDP in this financial year, Union Finance Minister Nirmala Sitharaman on Saturday said the nation is on a strong wicket when compared to others, and is responsive in terms of extending hand-holding to the required sections.

Speaking to media persons here, she quoted reports saying the country has zero per cent chance of slipping into recession.

"I hope for (double-digit growth). We will work for it... So if you're not on the verge of recession, it also gives me the confidence that if you are constantly responsive in terms of the sections which need hand-holding, in terms of the boost that we have to give to the economy..." she said when asked if she expects double-digit growth in the gross domestic product (GDP) for the year.

Recent figures released by the Centre indicated that the nation clocked 13.5 per cent growth in GDP in the first quarter of the current financial year. It was 20.1 per cent a year ago.

Sitharaman further said some may argue that the high growth rate is because of the low base. "Compared to economies we are talking about, we are on a sound wicket. We are literally the fastest growing economy," she said.

Referring to the World Bank and IMF reports, the Union minister said she was also taking into consideration the fact that economies which were far more developed than India and comparable with the country, are on the verge of recession.

To another query on freebies, she said everybody should participate in the debate on the issue.

"We should become a party to the discussion. Because if you are giving something free means somebody is paying for it," Sitharaman said.

She suggested that any government after coming to power must assess its financial situation in terms of tax revenues and others, and make provisions before offering freebies.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Subscribe to Business Standard digital and get complimentary access to The New York Times

Quarterly Starter

₹900

3 Months

₹300/Month

SAVE 25%

Smart Essential

₹2,700

1 Year

₹225/Month

Save 46%

Super Saver

₹3,900

2 Years

₹162/Month

Subscribe

Renews automatically, cancel anytime

Here’s what’s included in our digital subscription plans

Access to Exclusive Premium Stories Online

  • Over 30 behind the paywall stories daily, handpicked by our editors for subscribers

Complimentary Access to The New York Times

  • News, Games, Cooking, Audio, Wirecutter & The Athletic

Business Standard Epaper

  • Digital replica of our daily newspaper — with options to read, save, and share

Curated Newsletters

  • Insights on markets, finance, politics, tech, and more delivered to your inbox

Market Analysis & Investment Insights

  • In-depth market analysis & insights with access to The Smart Investor

Archives

  • Repository of articles and publications dating back to 1997

Ad-free Reading

  • Uninterrupted reading experience with no advertisements

Seamless Access Across All Devices

  • Access Business Standard across devices — mobile, tablet, or PC, via web or app

More From This Section

Topics :Nirmala SitharamanIndia GDP growthGDP growth

First Published: Sep 03 2022 | 8:20 PM IST

Next Story