No possibility of Recession in India - Union Finance Minister, Nirmala

New Delhi: Union Finance Minister Nirmala Sitharaman expressed confidence in the Lok Sabha that there is no possibility of the country landing in recession. The finance minister also pointed out that the World Bank and International Monetary Fund have given the verdict that there is no possibility of a recession in the Indian economy. Finance Minister Sitharaman pointed out that although all the international financial institutions have been predicting that the Indian economy will grow at 7.2% instead of 8.2%, the Indian economy will remain the fastest growing economy in the world.

While looking at the performance of the Indian economy, Finance Minister Sitharaman said that it is necessary to view the economic status of the world’s leading countries, adding that the US economy has reported a decline for the second successive quarter of this year. At the same time, nearly four thousand Chinese banks are on the brink of bankruptcy. On the other hand, the recovery of bad loans is improving in India. Finance Minister Sitharaman said it becomes significant to note that while the Chinese banks are on the verge of bankruptcy, the Indian banks are successfully recovering bad loans.

Meanwhile, the economists from the news agency Bloomberg also said there is a 0% chance of the Indian economy going into recession. The inspection report revealed that while the economies of the leading countries are facing the threat of recession, the Indian economy is progressing at a favourable rate.