Govt monitoring prices and taking steps to bring down inflation, says Finance Minister Nirmala Sitharaman

Finance Minister Nirmala Sitharaman on Wednesday said the government is constantly monitoring the price rise situation in the country and is focused to further bring down the inflation.

Sitharaman, while responding to the opposition’s question, said that the government is taking measures to tame inflation and will continue to do the same.
Tax breaks, jobs or plan to beat China: What will Budget 2023 offer? Click to know

India’s retail inflation for the month of November eased to an 11-month low of 5.8 per cent dropping within RBI‘s tolerance band of 2-6 per cent after 10 months.

She also lauded the Indian currency and said Rupee was the only currency which strengthened during uncertain times.
Sitharaman presented a comparison in the lower house of Parliament stating how currencies of various emerging economies have depreciated against USD.

“Against the USD we have performed much better than many other emerging economies. Indian Rupee was the only currency which strengthened during uncertain times,” she said.

Meanwhile, the size of appreciation of INR for April-November 2022 stood at 15.3 per cent against Japanese currency and 7.5 per cent against Euro on an annual basis.

On the job front, the minister said that India has been witnessing a fall in demand under MNREGA. “In rural areas, the demand for MGNREGA in the recent past is coming down,” said Sitharaman.

The finance minister hinted at one more supplementary demand for grants for the current fiscal and demands for excess grants for 2019-20 in the Lok Sabha.

Sitharaman also said India has to work on becoming self-sufficient in fertiliser production.

While talking about India’s forex reserves, Sitharaman quoted the World Bank report and called it one of the largest among other economies. She also said that the forex reserve is adequate to provide a buffer against global spillovers.

The minister said gross NPA stood at 7.28 per cent in March 2022 and this number is coming down drastically against 2015 figures. “Banks are getting back the money and the situation is being monitored,” she added.

“54 pc of capex target of Rs 7.5 lakh crore for FY23 announced in Budget was utilised in the first 6 months of the fiscal,” said the minister.

Web Hyip
Previous articleNorth Korea is ready for a nuclear test, South Korean PM says
Next articleArjun Tendulkar scores century on Ranji Trophy debut, emulates father Sachin