Govt sets INR 1 lakh crore safety net
Finance Minister Nirmala Sitharaman on Friday said the INR 1 lakh crore Economic Stabilisation Fund will help in dealing with the impact of crisis such as the ongoing conflict in West Asia.
“The Economic Stabilisation Fund will provide fiscal headroom to allow India to respond to global headwinds such as the recent crisis, unanticipated supply chain disruptions, unexpected shocks to sub-sectors in Indian economy and any other event that may have significant fiscal implications. So, we are coming up with Economic Stabilisation Fund,” she said.
Replying to a debate in the Lok Sabha, Sitharaman slammed the Opposition for disrupting the House and said giving confidence to the people, they are taking “irresponsible positions”. “It is ironic that even while I am speaking about how the Government is preparing itself, including supply chain disruptions and issues related to LPG, the Opposition is not willing to listen to the reply. Instead, they prefer to pursue their own agenda,” she said.
She said that when the world is facing a crisis, it is necessary for all political parties to rise above party lines and support the Government in dealing with the challenges coming from abroad. “We must come together for the benefit of the country and speak in a way that gives hope and confidence to the people... It is unfortunate that some in the Opposition believe that their only role is to come into the Well of the House and shout slogans,” Sitharaman said.
Sitharaman said the Government has strengthened its macroeconomic framework, which has helped India to absorb the economic shocks various. She also said that the additional expenditure will not impact the the fiscal deficit for the financial year 2025-26.
Rejecting the opposition charge that bringing supplementary demands for grants shows “poor budgeting” by the Government, Sitharaman said the argument is based on “flawed logic” and asked whether the Government should not have brought the Economic Stabilization Fund in times of unforeseen challenges. “Does the Opposition want the Government not to make any provision for a developing emergency situation?” the Minister asked.
The Pioneer reports raised in LS
New Delhi: Congress MP in Lok Sabha, Dr MK Vishnu Prasad, raised a series of reports by The Pioneer on Large Defaulters published between March 9-March 13. While citing the reports, Prasad also highlighted names of the largest defaulters. “We demand explanations as how such a huge amount Rs 29 lakh crore disbursed and defaulted. How Government will be able to recover from these defaulters?” Prasad asked.
