Finance minister Nirmala Sitharaman rejected the theory that India's ongoing recovery is 'K-shaped', calling on those who doubt the economy's growth path to "stand up and say on what basis are they saying it".
Sitharaman said, narrative is being built that "the Indian economy is not (doing) very well. It is sick."
The finance minster was addressing students of University of Delhi's Hindu College at an event.
Sitharaman said that the public narrative at the moment is "quite vitiated", questioning the credibility of those in the space. "Because we strongly believe in an open democracy, everybody joins in the conversation. But we really don't know how many of them are really coming in with authentic credentials."
"India is the fastest growing (economy), every sector of India is moving fast, the stock market is doing very well, companies that are listed whose accounts are available for public to view are doing well, higher dividends are being given. But in spite of that the narrative would be 'Indian economy is not very well...Hang on."
They (critics) throw that idea and go away, the FM said.
The statistics ministry January 5 said GDP may grow by 7.3 percent in 2023-24, well above most expectations. The consensus, however, among economists is that India's post-pandemic recovery was led by upper class, with growth in demand for premium goods outstripping that for the mass-market segment -- a pattern labelled as 'K-shaped'.
Sitharaman asked students to access material and information from multiple sources and people instead of believing just one source. Sitharaman emphasized the strong global demand for Indian students, stating, “When you go abroad, they seek Indian students, they want Indian Graduates. We are preferred because we are good team players and understand leadership’s role. So it is that blend of values and working conditions that you understand, that Indian students are preferred in workplaces.”