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October 1, 2022

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FM Sitharaman Says India Has Not Breached Inflation Target So Badly While CPI At 17 Month High

2 min read

Speaking during an event in Washington, USA, Finance Minister Nirmala Sitharaman said that we have many global challenges before us. The economies of countries around the world are affected. Even though the retail inflation figure in the country has crossed the level of 6 per cent, but we are not far ahead of it yet.

On the one hand, while the public is suffering due to inflation in the country, on the other hand, the Finance Minister has defended the government in a different way. Even though the prices of fuel, edible oil, fruits and vegetables and everyday items are skyrocketing here. Nirmala Sitharaman, who went on a tour of America these days, has said that inflation is not high in the country.

Sitharaman said – Inflation is not much
Speaking during an event in Washington, USA, Finance Minister Nirmala Sitharaman said that we have many global challenges before us. Due to international reasons and geo-political situation, the prices of crude or commodities are all sky high. Due to these conditions, the economies of countries around the world are affected. Sitharaman said that despite these circumstances, the rate of retail inflation in India is 6.9 percent. Whereas, our target is 4 per cent and there is a margin of plus or minus two per cent. In this way we can reach 6 per cent of the target. Even though we may have crossed this 6 per cent level, we are not far beyond that.

Current status of inflation in the country
If we look at the inflation situation in the country, according to the data, the level of retail inflation reached 6.95 percent in March, which is the highest level in 17 months. In the previous month, in February, retail inflation had increased at the rate of 6.07 per cent. According to the data of the National Statistical Office (NSO), the effect of the Russo-Ukraine war has come to the fore in the form of increased inflation in the country. At the same time, on the wholesale inflation front, the people of the country have suffered a setback. In the month of March, the wholesale inflation has reached the level of 14.55 percent. It is worth noting that earlier in the month of February, it had increased at the rate of 13.11.

People of rural area suffer more
According to the report, the rural population is the most affected by inflation. Inflation on food items in villages is such that it has increased to 8.04 percent in March 2022. It was at 3.94 per cent in the same period a year ago i.e. March 2021. That is, within a year it has more than doubled. On the other hand, in view of the inflation situation in the country, many rating agencies have also revised the growth rate estimates. Whereas in the meantime, Finance Minister Nirmala Sitharaman has defended the government by saying that inflation is not high in the country.

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