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Finance Minister Nirmala Sitharaman on Friday said the Indian economy suffered the biggest contraction due to COVID-19 pandemic, but the government has been able to contain retail inflation at 6.2 per cent.

Replying to a general discussion on the Union Budget in Rajya Sabha on Friday 11 February 2022, the finance minister said, the Budget for 2022-23 fiscal year, stands for continuity, brings stability to the economy along with predictability of taxation.

She stated that the objective of the budget is a stable and sustainable recovery in the economy.

Compared to the performance of the UPA government during the global financial crisis in 2008-09, she pointed out that retail inflation was 9.1 per cent during the financial crisis of 2008-09, while it is at 6.2 per cent during the COVID-19 pandemic that has a bigger impact on the economy.

The minister said that the Indian economy suffered the biggest contraction because of the pandemic.