Indian economy suffered biggest contraction due to COVID-19 pandemic: FM Nirmala Sitharaman
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Finance Minister Nirmala Sitharaman has said that the Indian economy suffered the biggest contraction due to the COVID-19 pandemic, but the government has been able to contain retail inflation at 6.2 percent. She said the Budget for the 2022-23 fiscal year, stands for continuity, brings stability to the economy along with predictability of taxation.
She stated that the objective of the budget is a stable and sustainable recovery in the economy. She also said that the Indian economy suffered Rs 9.57 lakh crore loss due to the pandemic, compared to a loss of Rs 2.12 lakh crore during the global meltdown in 2008-09.
She further said that capital spending gives much more multiplier than revenue route and therefore the government has increased public capital spending to boost the economy. She said that the government is also encouraging startups which resulted in the creation of many unicorns during the pandemic.
