Keeping an eye on inflation, FM Nirmala Sitharaman says

The government is keeping an eye on inflation which is purely “extraneous” nowadays because of fuel and fertiliser prices, said Finance Minister Nirmala Sitharaman on Wednesday. The minister also said private investment capex is taking place in India because of favourable policies like the production-linked incentive (PLI) scheme.

The process of authorising the government to spend an additional Rs 3.25 lakh crore in FY2022-23, i.e., the Supplementary Demands for Grants. Sitharaman stressed that the supplementary demand for grants is for food security, fertiliser requirements and providing support to the Indian economy.

She also said the government’s targeted approach to deal with Covid impact has helped India in reviving growth without going into recession.

Retail inflation based on the consumer price index (CPI) which remained above the Reserve Bank of India‘s (RBI) tolerance level of 6% since January this year has declined to 5.88% in November.

On the tax collection front, Sitharaman said that the buoyancy will help the government in meeting the additional expenditure being sought through the Supplementary Demands for Grants

The Lok Sabha has already approved the Supplementary Demands for Grants, authorising the government to spend additional Rs 3.25 lakh crore in 2022-23 fiscal.

The finance minister also informed the House that the gross non-performing assets (NPAs) of banks have declined to a 6-year low of 5.9% in March 2022.

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