India Much Better Placed Than Many Developed Countries: FM Sitharaman

The finance minister Sitharaman today said that the Indian economy is much better placed in comparison to its peers and many other developed nations.

India Much Better Placed Than Many Developed Countries: FM Sitharaman

On rising inflation, the minister said the macro economic fundamental of India are robust. In order to substantiate this she made the narrative of other economies including Pakistan, Bangladesh and Sri Lanka securing loans from the IMF.

"Indian economy compared to the situation prevailing in many of our peer groups and compared to the situation in many of the developed economies is definitely much better," she said. At the same time she said that the centre is not denying on the inflationary situation.

For inflation, she held global factors responsible and said that both the centre as well as the RBI are making efforts to bring retail inflation lower to 7%.
For the sixth consecutive month in June, India's CPI inflation has come in higher than the RBI's upper inflation band of 6%.

Also on the discussion concerning price rise, she said that the latest decision concerning GST imposition on packaged food items was considered after detailed discussion at the GST Council and included the finance ministers of all the state and the state govenments steered by opposition parties.

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