72nd Day Of Lockdown

Maharashtra74860323292587 Tamil Nadu2587214316208 Delhi236459542615 Gujarat18117122121122 Rajasthan96526744209 Uttar Pradesh88705257230 Madhya Pradesh82835003358 West Bengal61682410364 Karnataka4063151453 Andhra Pradesh3971246468 Bihar3945174123 Telangana3020155699 Jammu and Kashmir260194631 Odisha238814169 Haryana2356105521 Punjab2301200044 Kerala149565112 Assam14862854 Uttarakhand9592225 Jharkhand6612965 Chhatisgarh5481211 Tripura4231730 Himachal Pradesh3401186 Chandigarh2972144 Puducherry88300 Manipur83110 Goa73500 Nagaland5800 Arunachal Pradesh3710 Meghalaya33131 Mizoram1410 Sikkim200
Business Economy 01 Feb 2019 Inflation hidden, un ...

Inflation hidden, unfair tax on poor; govt broke the back of high prices: FM

PTI
Published Feb 1, 2019, 2:18 pm IST
Updated Feb 1, 2019, 3:38 pm IST
The average rate of inflation during 2009-2014 was a back-breaking 10.1 per cent, Goyal said.
RBI has cut the retail inflation target to 2.7-3.2 per cent for the second half of the current fiscal ending March 2019. (Photo: PTI)
 RBI has cut the retail inflation target to 2.7-3.2 per cent for the second half of the current fiscal ending March 2019. (Photo: PTI)

New Delhi: Asserting that inflation is a hidden and unfair tax on the poor and middle class, Finance Minister Piyush Goyal on Friday said the government has restrained the "back-breaking" inflation and brought it down to an average of 4.6 per cent.

Also Read: Budget 2019: Full text of Piyush Goyal’s speech in Parliament

 

The average rate of inflation during 2009-2014 was a back-breaking 10.1 per cent, Goyal said while presenting the Budget for 2019-20 in the Lok Sabha.

The then Prime Minister (Manmohan Singh) admitted as much when he had said, "We have also not been as successful in controlling persistent inflation as we would have wished. This is primarily because food inflation has increased," Goyal said.

"In contrast, our government broke the back of back-breaking inflation. We brought down average inflation to 4.6 per cent which is lower than the inflation during the tenure of any other government.

In fact inflation in December 2018 was down to 2.19 per cent only," the finance minister said. He added that if his government had not controlled the inflation, Indian families would have ended up paying around 35-40 per cent more on daily basic needs such as food, travel, consumer durables and housing.

The minister said India has contained the double-digit inflation despite generating a high growth rate.

"From being the 11th largest economy in the world in 2013-14, we are today the 6th largest in the world," he noted.

The Reserve Bank (RBI) has cut the retail inflation target (a key input to decide monetary policy) to 2.7-3.2 per cent for the second half of the current fiscal ending March 2019 on expectations of a normal monsoon and moderate food prices.

RBI's six-member Monetary Policy Committee is scheduled to meet between February 4-6 to announce its concluding bi-monthly monetary policy for the current fiscal.

...
Location: India, Delhi, New Delhi




ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT