2022-06-18

If necessary, the Finance Ministry will take additional efforts to reduce inflation: MoS

By Shaista
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According to MoS Karad, the finance ministry has already reduced excise duty to mitigate the retail impact of fuel inflation on customers. The price of crude oil has been rising steadily over the world. Following the reduction in excise duty by the federal government, some states reduced their fuel VAT. To mitigate the impact of rising world prices on farmers, India has boosted the fertilizer subsidy for the Kharif season. Wheat exports were also prohibited by the government in order to prevent domestic inflation.

(Photo courtesy of Meghna Mittal)
New Delhi: India's finance minister, Bhagwat Kishanrao Karad, indicated today that the Finance Ministry will take additional steps to combat inflation if necessary. Inflation is a worldwide phenomenon, he continued, and India is better off than other countries. According to him, the government is actively monitoring inflation and doing everything possible to keep it under control.
According to the minister of state, the Russia-Ukraine conflict has had a significant impact on India's inflation.
He stated that the finance ministry has already reduced excise duty in order to decrease the retail impact of gasoline inflation on customers. The price of crude oil has been rising steadily over the world. Following the reduction in excise duty by the federal government, some states reduced their fuel VAT.

#Inflation is global phenomenon, #India better placed as compared to peers. The Govt is closely monitoring inflation & trying its best to keep it under control, says @DrBhagwatKarad, MoS, @FinMinIndia @Meghnamittal23 @PMOIndia pic.twitter.com/lYwCwwkCAq

— ET NOW (@ETNOWlive) June 17, 2022

 

To mitigate the impact of rising world prices on farmers, India has boosted the fertiliser subsidy for the Kharif season. Wheat exports were also prohibited by the government in order to prevent domestic inflation. Sugar shipments were capped at 100 LMT by the food ministry in anticipation of a scarcity in October and November. In April, CPI inflation reached 7.9%, well above the government-mandated maximum of 4% (+2%). The CPI inflation rate for May fell to nearly 7% thanks to joint efforts by the Reserve Bank of India and the Finance Ministry. To restrict liquidity and manage inflation, the RBI lifted the repo rate twice, first by 40 basis points and later by 50 basis points.

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