By A Staff Reporter
Delhi: In her reply to the budget discussion in the Rajya Sabha, Union Finance Minister Nirmala Sitharaman highlighted past economic missteps and the current government's achievements in managing inflation. She stated, "It is not just me who is talking about what kind of things happened then (during UPA) based on eminent people's words... One of the former Governors of the Reserve Bank wrote in his book that the Finance Ministry used to pressurize the RBI to soften its interest rates and present a rosier picture of the growth to shore up sentiments."
Sitharaman further mentioned the "Fragile 5" economy, a term that referred to countries with struggling economies, including India during the UPA tenure. "They should not act on it; instead, they put pressure on the RBI," she added.
She highlighted the current government's achievements in reducing inflation: "We implemented measures leading to a reduced average inflation of 4.5% from 2014-15 to 2018-19, well within the RBI range of 2-6%. India's inflation between 2020 and 2023 was much lower than the global average."
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