PM Modi 100% recognizes the role of states, says FM Nirmala Sitharaman

“Karnataka and its people are very educated and they quietly contribute to nation building,” Sitharaman said. Further, criticizing the approach of western economies in dealing with the Covid pandemic, the Finance Minister said, such countries adopted a “certain formula” to deal with the “strained economic situation” during the pandemic and during the Russia-Ukraine war , But his method has proved fatal to his economy. He appreciated the policy work of the Union Government, as a result of which the country’s economy has become the fastest growing economy in the world.

“Due to sanctions and various other global developments and Covid, western economies adopted a certain formula to deal with the ‘stressed economy situation’ due to Covid situation, but as an after effect this method proved to be detrimental to their economy Happened. “.

Further criticizing the “Western formula”, Sitharaman said, “One feature of the formula was that you used to print currency and distribute it to people because people need money in their hands in times of Covid stress. But what kind of help, when and how much? Their method resulted in huge cash flow in their economy which resulted in inflation. Some countries saw inflation which they have never seen in 40-30 years.

Praising India’s efforts amid the war, FM Sitharaman said India “helped its poor, gave them some food grains, some money for emergencies, and policy support when the economy was recovering”. Went”.

And added that, “PM Modi himself supervised the vaccination program from formulation to distribution in a phased manner. The FM said that India is now the fastest growing economy in the world because of the people and the government.”