Inflation Has Been Kept At 6% Or Below Despite Adverse Circumstances, Says Nirmala Sitharaman The finance minister also added that price rise is a matter on which the Centre is very sensitive and responsive
Opinions expressed by Entrepreneur contributors are their own.
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
Union minister Nirmala Sitharaman said that the inflation has been kept at 6% or below despite adverse circumstances as a result of the Covid-19 pandemic and the Russia-Ukraine conflict, according to a PTI report.
"Price rise is a matter on which the Centre is very sensitive and responsive. The pandemic and the conflict had a bearing on the prices of commodities which India imports, adding that the government has taken measures including giving subsidies," said Sitharaman in a statement.
"Will you compare the situation prevailing everywhere, particularly after COVID, particularly after the Russia and Ukraine war? The (prices of) commodities we import are all sky-rocketing. They are not produced in India. We totally import. Is that price rise mine? But that price hits me. And there, I have to give support," the Minister added.
Furthermore the FM added, "Even in these adverse circumstances inflation has been kept at six per cent or below. There are times it goes up. Then we work together with the RBI and say please control it."
As per the report, the minister further mentioned about the government's initiative to provide subsidies for imported crude oil and cooking gas and said that, "It may not be enough, but we will try to give subsidies. We have to allow imports on a higher basis and reduce customs duty so that more edible oil can come."