Modi govt claims Q2 GDP downturn ‘a temporary blip’, development numbers will certainly boost in following quarters–

Union Finance Minister Nirmala Sitharaman on Tuesday (December 17) recognized that the financial development was “slower than expected” in the July-September quarter (Q2).

Speaking in the Lok Sabha, Sitharaman at the exact same time claimed that the federal government anticipates the development to get quickly.

“The real GDP growth in Q2 has been slower than expected. Q2 has been a challenging time for India and most countries across the world. Government believes that the Q2 GDP growth slowdown is a temporary blip, and we will see an improvement in coming quarters,” claimed Sitharaman, according to Moneycontrol.

In the July-September quarter, the financial development reduced to a two-year low of 5.4 percent. In the previous April-June quarter, the financial development was 6.7 percent. In the July-September quarter the previous year, the financial development was 8.1 percent.

The reduced financial development was attributed to inadequate efficiency in production and mining fields gone along with by weak usage.

Sitharaman took place to claim that she continues to be “optimistic about an improvement in economic performance going ahead”.

Sitharaman likewise safeguarded the Narendra Modi federal government’s (2014-) document on rising cost of living as contrasted to the previous Congress- led federal government’s document (2004-14).

“The Centre is committed to better managing food inflation where volatility in certain food items is weather driven…Inflation has been better controlled under NDA regimes. Inflation was brought back to 5.1 per cent during 2014-2024. Inflation touched double digits during UPA times,” claimed Sitharaman.

After striking a 14-month high of 6.21 percent in October, the retail rising cost of living reduced to 5.48 percent in November, largely as a result of the easing of food rates, specifically the rates of veggies. The food rising cost of living minimized to 9.04 percent from 10.87 percent the previous month. The federal government likes to have the rising cost of living in the 2-6 percent array.