In reply to the debate on Budget in Lok Sabha, Finance Minister Nirmala Sitharaman said Rs 9.57 lakh crore reduction in GDP was witnessed due to COVID-19 in 2020-21. FM Sitharaman said, “in 2008 Global financial crisis, Indian GDP took a hit of 2.12 lakh crore. In the COVID crisis, Rs 9.57 lakh crore reduction in GDP was witnessed. Despite disruption to the supply chain, inflation in 2020-21 was 6.2%, whereas in 2008-09, it was 9.1%. It means that despite the contraction in GDP and much larger loss to GDP we managed to keep the inflation lower than when India suffered a smaller crisis in 2008.”