Finance Minister Nirmala Sitharaman declared on Thursday that India's second-quarter growth in the current fiscal year is the highest globally, affirming positive economic activity across sectors. Addressing the Rajya Sabha during the Winter Session, Sitharaman responded to a three-day debate on the country's economic situation, highlighting the substantial contribution of the manufacturing sector to the economy, propelled by initiatives like the Production-Linked Incentive (PLI) schemes.
Sitharaman emphasized India's position as the world's second most sought-after manufacturing destination and credited the Make in India program and Prime Minister Narendra Modi's schemes for the sector's significant 13.9% contribution to the economy. She underscored the growth across all sectors, pointing to the Purchasing Managers Index (PMI) in November, which stood at 56, indicative of sustained expansion.
Highlighting the notable second-quarter growth, Sitharaman stated that India's economy has maintained the momentum of being the fastest-growing globally. Despite the contraction of the third and fourth-largest economies in the same quarter, India achieved a remarkable 7.6% growth. She proudly noted that India has ascended to become the world's fifth-largest economy within the last eight years.
Meanwhile, former Finance Minister and Congress leader P Chidambaram raised pointed questions in response to Sitharaman's remarks. In a post on 'X,' he noted that the Finance Minister did not directly address queries about whether GDP would double to Rs 200 lakh crore by 2023-24, the high proportions of malnourished children according to NFHS, and the historic dip in households' net financial assets to 5.1%.
Chidambaram expressed the hope that the government would address these questions and others raised by MPs in due course.
(With Agency Inputs)
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