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The Finance Minister said that employment generation and equitable distribution of wealth are the areas on which the government is focused
Photo Credit : PTI
The rate of inflation is seen decreasing as compared to earlier. Finance Minister Nirmala Sitharaman on Wednesday said that inflation has come down to an affordable level. She said that this is the reason why the country’s economic growth remains the priority.
In the ‘India Ideas Summit’ in Delhi, the Finance Minister said that employment generation and equitable distribution of wealth are the areas on which the government is focused.
While addressing she said, “Some are definitely priorities and some are not that important. The priorities include employment, equitable distribution of wealth and ensuring that India moves on the path of growth.” Sitharaman further said, “In this context, inflation is not a priority. You should not be surprised by this. In the last few months, we have been able to bring it to an affordable level.”
According to official data, inflation came down to 6.71 per cent in July due to softening of food prices. However, it remains above the Reserve Bank of India’s (RBI)-satisfactory level high of 6.0 per cent for the seventh consecutive month. Consumer Price Index (CPI) based retail inflation stood at 7.01 per cent in June 2022, as against 5.59 per cent in July 2021. Between April and June, it remained above 7 per cent.
The Finance Minister expressed confidence that the Reserve Bank will deal with the volatility caused by the sharp increase in rates by the US central bank Federal Reserve and the European Central Bank. Referring to the global energy crisis caused by the war between Russia and Ukraine, she said that there remains uncertainty about the availability of crude oil and natural gas. She called for further deepening of ties between India and the US in all respects, including payment technology.
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