The Government Is Keeping An Eye On Inflation, According To The FM, Nirmala Sitharaman In Rajya Sabha
Retail inflation based on the consumer price index, which had been above the Reserve Bank's tolerance level of 6% since January of this year, fell to 5.88% in November.
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Finance Minister Nirmala Sitharaman said on Wednesday that the government is keeping a watch on inflation, which she described as totally "extraneous" due to rising gasoline and fertiliser prices.
In response to a Rajya Sabha debate on Supplementary Demands for Grants, the minister stated that wholesale inflation has decreased to a 21-month low.
The Rajya Sabha afterwards returned the Supplementary Demands for Grants to the Lok Sabha, completing the process of authorising the government to spend an additional Rs 3.25 lakh crore in FY2022-23.
Retail inflation based on the consumer price index, which had been above the Reserve Bank's tolerance level of 6% since January of this year, fell to 5.88% in November.
The minister also stated that private investment expenditure is taking place in India as a result of favourable policies such as PLI, citing a few examples.
Sitharaman further emphasised that the extra demand for assistance is mostly for food security, fertiliser requirements, and economic support for India.
She stated that the increased tax collection will assist the government in covering the additional expenditure demanded through the Supplementary Demands for Grants.
The Supplementary Demands for Grants were accepted by the Lok Sabha, authorising the government to spend an additional Rs 3.25 lakh crore in the fiscal year 2022-23. The finance minister also informed the House that gross non-performing assets (NPAs) of banks had fallen to a 6-year low of 5.9 percent in March 2022.
She also stated that the government's planned approach to dealing with the impact of Covid has assisted India in restoring economy without entering a recession.
