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The controversy surrounding Sebi chairperson Madhabi Puri Buch and her husband's alleged conflict of interest continues to dominate Indian political discourse. Finance Minister Nirmala Sitharaman, while declining to judge Puri Buch's response to the allegations, expressed confidence in her and her husband's defense, stating that they have presented facts to counter the Congress party's claims. The Congress party has been vocal in its accusations, demanding Puri Buch's resignation pending an investigation.
The controversy stems from allegations of insider trading and favoritism leveled against Puri Buch and her husband. The Congress party claims that Puri Buch's husband's business dealings have benefited from her position at Sebi, the Securities and Exchange Board of India. The allegations have raised concerns about potential conflicts of interest and have sparked calls for a thorough investigation. Puri Buch and her husband have vehemently denied the allegations, calling them malicious and baseless.
Meanwhile, India's economic growth has slowed to a five-quarter low in the three months to June, according to the latest data. The farm and services sectors remain sluggish, while manufacturing and construction have shown resilience. GDP growth slowed to 6.7% in the April-June quarter, lower than the 8.2% in the previous year-ago quarter and below the 7.8% recorded in the previous three-month period. Despite this slowdown, Finance Minister Sitharaman remains optimistic about economic growth accelerating in the second and third quarters of the current financial year, citing the anticipated impact of increased capital expenditure.
Sitharaman also assured the public that the government is committed to achieving the fiscal deficit target of 4.5% for the next financial year. The fiscal deficit target for 2024-25 is estimated at 4.9% of gross domestic product. The government's commitment to fiscal discipline is crucial for maintaining macroeconomic stability and attracting foreign investment.