It was announced Wednesday by Finance Minister Nirmala Sitharaman that the government would take steps to ease further inflation, which has fallen below the Reserve Bank of India’s (RBI) upper tolerance limit of 6%.
She said that inflation would be further reduced for the common people’s benefit.
According to official data, retail inflation fell to an 11-month low of 5.8 per cent in November from 6.77 per cent in October.
According to the finance minister, India is the fastest-growing economy and has the lowest inflation rate in the world, so there is no threat of stagflation.
According to the finance minister, the government will be able to meet its fiscal deficit target of 6.4% of the country’s GDP in the current fiscal year.
As a result of various measures taken by the Narendra Modi government, the non-performing assets (NPAs) have decreased drastically to 7.28 percent at the end of March 2022.
When asked about the decline in the rupee’s value against the US dollar, she responded that the rupee is appreciating against all other currencies, and the decline against the greenback is much lower than that against other currencies.
(With inputs from PTI)