Finance Minister Nirmala Sitharaman: India is expected to have the fastest-growing economy this Fiscal year

Finance Minister Nirmala Sitharaman said that the Indian economy is doing well while big economies like the US, China, and the UK are struggling and facing downgrades because of the global slowdown.

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She emphasised India's economic development under the BJP-led NDA government within the past nine years, noting that the same Morgan Stanley that categorized India's economy as fragile in 2013 has now upgraded it.

During the debate on the motion of no confidence in the Lok Sabha, Sitharaman stated, "India is in a unique position of being optimistic and confident about its future growth."

"Our real GDP grew by 7.2% in 2022-23 and is expected to rise by 6.5% in 2023-24," Sitharaman stated, noting that India is anticipated to be the fastest-growing economy in the current fiscal year. "These projections are provided by not just one, but several global agencies, as well as our own RBI," she explained.

The finance minister credited the leadership of Prime Minister Narendra Modi for the country's economic development over the past nine years. She criticised the previous government headed by the Congress by stating, "You made the people dream, and we made their dreams a reality."

"We believe in empowering everyone and appeasing no one," Sitharaman continued. She also provided comparisons to demonstrate the country's remarkable development under the BJP-led NDA government.

In 2014, investment spending was a meagre Rs 3.92 lakh crore. That sum has grown to Rs 10.9 lakh crore now," she remarked. She further said that the agriculture budget has grown from Rs 21,933 crore in 2014 to Rs 1.25 lakh crore in today, an increase of 5 times.