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Nirmala Sitharaman accepts Indian GDP growth is slow but blasts recession rumours
Written By IANS
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Even though the gross domestic product (GDP) growth might have slowed, the country had not entered a recessionary phase, said Finance Minister Nirmala Sitharaman in Parliament on Wednesday.
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Speaking in the Rajya Sabha during a debate on the state of economy, Sitharaman said the economy needed a lot of support and every step taken by the government was for its development. Photo: Reuters
Even though the gross domestic product (GDP) growth might have slowed, the country had not entered a recessionary phase, said Finance Minister Nirmala Sitharaman in Parliament on Wednesday.
Speaking in the Rajya Sabha during a debate on the state of economy, Sitharaman said the economy needed a lot of support and every step taken by the government was for its development.
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Regarding the high NPAs (non-performing assets) in the banking sector, she said it started increasing after the lenders begun recognising bad loans.
Provisioning for bad loans didn`t mean "writing-off" these NPAs, she added.
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