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 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.)

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