No question of recession or stagflation in India, says FM Sitharaman

• Finance Minister Nirmala Sitharam Claims that, India is nowhere near a recession or stagflation and the government is making all efforts to bring down retail inflation below 7 per cent.
• The government has taken several measures to make raw material prices cheaper and reduce inflation of food items.
• The US may has gotten into an unofficial recession, but India is nowhere near getting into a recession or stagflation..
• Sitharaman's claim is that "Even as international agencies like the World Bank and the International Monetary Fund (IMF) have downgraded growth rates of economies, each time India has remained as the fastest-growing economy,” 
• A Bloomberg survey shows that India has zero probability falling into a recession.
• Sitharam also said that  "Our people have gone through the pandemic, global value chains have hit us, but in spite of that, because of the various steps taken by the government and also by the Reserve Bank of India, we remain much better than most countries,”
• While 4,000 Chinese banks are reportedly on the verge of bankruptcy, gross non-performing assets of Indian commercial banks have declined to a six-year low of 5.9 per cent for FY22.
• While many major economies have triple-digit debt-to-GDP ratios, the central government’s debt-to-GDP ratio has gone down to 56.29 per cent of GDP in FY22 from the revised estimate of 59.9 per cent for the same year. According to the IMF, India’s general government (centre+states) debt stood at 86.9 per cent of GDP in FY22.
• GST collection in July was the second-highest ever at Rs 1.49 trillion, remaining above Rs 1.4 trillion for the fifth consecutive month.
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