Government, RBI taking Steps to Curb Inflation says Nirmala Sitharaman
Ten News Network
New Delhi (India), 21st February 2023: Finance Minister of India, Nirmala Sitharaman on Monday at a post-budget talk in Jaipur addressed queries regarding the increasing inflation in the country. She said that the government along with the Reserve Bank of India is working to keep the inflation within expected limits.
Inflation is a term used to determine the purchasing power of an individual in an economy. It determines the cost of products in the market and affects the buying and spending habits of people. Increasing inflation results in spending more money on the same items that were previously cheaper. The consumer price index (CPI) and the wholesale price index (WPI) which are used to calculate inflation have seen an increase in the Indian economy. The inflation rate was recorded at 6.5%, an all-time high in January 2023.
This high inflation rate has left the public worried and wants the government to urgently act on the situation. Addressing this Sitharaman said that the RBI had taken several measures to keep inflation under control and steady the rate as both inflation and deflation could be worrisome for the economy.
She said that as a step in the right direction the government has asked farmers to grow pulses and at the same time significantly reduced the import duty on pulses when the retail price saw a spike recently.