“Despite Once-In-A-Century Covid Shock, India Remained World’s Fastest-Growing Economy”: Sitharaman

Finance Minister Nirmala Sitharaman defended India’s economic record in the Lok Sabha, stressing that the country has remained the fastest-growing major economy for three to four consecutive years despite facing the once-in-a-century Covid-19 pandemic. She said this achievement deserves recognition for the people of India. Countering comparisons with the UPA era, the FM pointed out that India inherited high twin deficits in FY13, with both fiscal and current account deficits at nearly 5 per cent, along with persistently high food inflation that averaged 12.2 per cent in the five years ending 2013–14. Sitharaman underlined that inflation is now under control, citing observations by a former RBI Governor and Chief Economic Advisor acknowledging India’s success in managing prices under Prime Minister Narendra Modi. She argued that selective growth comparisons ignore the extraordinary global shocks India has navigated while sustaining macroeconomic stability and growth.