Finance Minister Nirmala Sitharaman on Wednesday in Rajya Sabha says that economic growth may have slowed down a bit but there is no recession yet. She then went on to say that the country will never face recession.
She also said that Prime Minister Narendra Modi recognised stress in the banking sector and took preventive measures to address the banking sector problems. She reiterated the Rs. 70,000 crore earmarked for recapitalisation of state-run banks as part of the Union Budget.
‘If you are looking at the economy with a discerning view, you see that growth may have come down but it is not a recession yet, it will not be a recession ever,’ said the Finance Minister in parliament, adding that country’s real Gross Domestic Product (GDP) growth was at 6.4 per cent at the end of 2009-2014, but rose to 7.5 per cent between 2014-2019.
The government is due to release data on gross domestic product (GDP) on Friday evening. For the first quarter of current financial year, GDP growth came in at a more than six-year low of 5 per cent.
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