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Russia-Ukraine war having impact on all countries like pandemic had: Nirmala Sitharaman in RS

Finance Minister Nirmala Sitharaman said that major supply chains have broken.

India TV News Desk Edited By: India TV News Desk New Delhi Updated on: December 27, 2022 3:55 IST
Union Finance Minister Nirmala Sitharaman speaks in the
Image Source : RAJYA SABHA

Union Finance Minister Nirmala Sitharaman speaks in the Rajya Sabha during the second part of Budget Session of Parliament in New Delhi

Highlights

  • Ukraine war having impact on all countries like pandemic had: Sitharaman in RS
  • No tax was increased to fund recovery process, says Sitharaman
  • 'Govt conscious of balancing emphasis on growth and economic recovery and inflation'

Emphasising that the ongoing Russia-Ukraine war has impacted the whole world, including India, just the way the coronavirus pandemic did, Finance Minister Nirmala Sitharaman said that major supply chains have broken.

"You're in a situation where like the way, during pandemic we came up with a budget & then came second wave. This time we came up with a budget so that continuity in recovery will be aimed at & then came Omicron. Now we also have a war whose impact is being felt by all of us," Sitharaman said.

Replying to budget discussion in Rajya Sabha, Sitharaman said, "Now we are also facing the situation of a full-blown war in Ukraine which is not some war in some corner of the world but it seems to be having an impact on all countries like the way the pandemic has. But this impact is a disruption to many supplies. The value chains are all broken, newer markets are emerging, at the same time old markets are all caught up in a situation where nothing is normal."

"OECD report has clearly shown that about 32 countries had increased various tax rates during the pandemic, we did not, in spite of all the speculations which was going on in the media as well. So, no tax was increased for our recovery process to be funded or aided. India remains in top 5 FDI recipient countries...FDI inflows 65 pc higher at USD 500.5 billion during Modi government."

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