Nirmala Sitharaman Discusses Economy Situation In Parliament While Fellow MPs Take Power Nap
The Indian economy expanded by 5 percent in April-June its slowest annual pace since 2013. The projections are that it may have slowed down further in the second quarter making six consecutive quarters of slowing growth a first since 2012. This despite a recent series of fiscal stimulus including a reduction in corporate tax rates.
India's economy is on a downward spiral and even our Finance Minister Nirmala Sitharaman admitted the same in Rajya Sabha. Sitharaman conceded the growth might have slowed down but the economy will never slip into recession. The Upper House of Parliament, Rajya Sabha, was engaged in a serious discussion on the current state of the Indian economic situation. What was more alarming was the fact that there were images of other Rajya Sabha MPs taking a nap and yawning during the serious debate.
The pictures went viral in no time with netizens showing expressing their anguish over our lawmakers' approach towards a pressing issue.
Who believe ? pic.twitter.com/EeSaAnooZZ
¡ª JayasreeVijayan (@JayasreeVijayan) November 27, 2019
They all should be fined if they are sleeping in the session. Fine should be 50,000 or 1 lac and keep increasing if they repeat the same.
¡ª Deepak Ghadge (@Dghadge9) November 27, 2019
Politics is best paying Job for people fit for nothing, great salary and no work, excellent career for their spouse and children aswell, it needs no education or work experience
¡ª Madhusudhan ??????? (@Madhusudhan_BM) November 27, 2019
Their eyes may be closed, but they are not asleep ?
¡ª Sridhar M (@SridharMayuri) November 28, 2019
It¡¯s like students yawning while attending a boring lecture ?
¡ª Jalpesh Limbola (@JalpeshLimbola) November 27, 2019
We are wasting tax payer's money on them
¡ª Rizvi (@JNURIZVI2019) November 28, 2019
India's growth outlook has weakened sharply this year, with a crunch that started with the non-banking finance institutions spreading to retail businesses, car-makers, home sales, and heavy industries.
The Indian economy expanded by 5 percent in April-June, its slowest annual pace since 2013 and the projections are that it may have slowed down further in the second quarter, making six consecutive quarters of slowing growth, a first since 2012.
This despite a recent series of fiscal stimulus, including a reduction in corporate tax rates.
Sitharaman blamed the fall in GDP growth in the last two financial years to the lagged effect of the twin balance sheet crisis of stress on banks due to non-performing assets (NPAs) or bad loans on the one hand and heavily indebted corporates on the other, resulting from the UPA regime lending.
Rejecting criticism that her maiden budget on July 5 had failed to address concerns of a slowing economy and so had to resort to announcing measures within a month of the passing of the budget by Parliament, she said the Economic Survey and she had recognized the need for recapitalisation of bank and reforms in her budget speech.
Capital infusion of Rs 70,000 crore in banks, flowing from that speech, had led to rise in the ability of banks to lend and over Rs 2.5 lakh crore has been given in loans during the recent outreach program, she said.
Sitharaman further said the government was coming out with lots of reforms and "taking decisions so that the economy can get better moving on higher growth trajectory"
Our economy is not doing well but when opportunities arise to make things right through debates and discussion, our lawmakers intend to prioritise their sleep than the country in Parliament.
High time they wake up from slumber.
