News Analysis India

Tag: inflation

  • Inflation cools to 5%, IIP at 14-month high

    Express News Service

    NEW DELHI:  Two sets of data released on Thursday brought cheers to the Indian economy. Consumer price index (CPI)-based inflation in September dropped to a three-month low of 5.02% while the country’s industrial production growth, measured by the index of industrial production (IIP), zoomed to a 14-month high of 10.3% in August. 

    The moderation in retail inflation is mainly because of a dip in food and fuel prices, while the robust IIP numbers are attributed to good performance of manufacturing, mining and power sectors. Food and fuel prices have 50% weightage in the inflation index.

    Vegetable prices fell 19% month-on-month in September; consumer food prices index showed a 2.18% drop. However, compared with September 2022, food inflation is still higher at 6.3% with big spikes in pulse and spices prices.

    “Inflation pressure in cereals, pulses, and milk has been persistent. The key risk remains from food inflation due to the uneven monsoon performance,” said Gaura Sengupta, economist at  IDFC First Bank.

    Fine print

    Lower veg, LPG  prices cooled CPI
    Inflation still above RBI’s target of 4%
    Core inflation (excl food, fuel) dipped to 4.7%
    Follow The New Indian Express channel on WhatsApp

    NEW DELHI:  Two sets of data released on Thursday brought cheers to the Indian economy. Consumer price index (CPI)-based inflation in September dropped to a three-month low of 5.02% while the country’s industrial production growth, measured by the index of industrial production (IIP), zoomed to a 14-month high of 10.3% in August. 

    The moderation in retail inflation is mainly because of a dip in food and fuel prices, while the robust IIP numbers are attributed to good performance of manufacturing, mining and power sectors. Food and fuel prices have 50% weightage in the inflation index.

    Vegetable prices fell 19% month-on-month in September; consumer food prices index showed a 2.18% drop. However, compared with September 2022, food inflation is still higher at 6.3% with big spikes in pulse and spices prices.googletag.cmd.push(function() {googletag.display(‘div-gpt-ad-8052921-2’); });

    “Inflation pressure in cereals, pulses, and milk has been persistent. The key risk remains from food inflation due to the uneven monsoon performance,” said Gaura Sengupta, economist at  IDFC First Bank.

    Fine print

    Lower veg, LPG  prices cooled CPI
    Inflation still above RBI’s target of 4%
    Core inflation (excl food, fuel) dipped to 4.7%
    Follow The New Indian Express channel on WhatsApp

  • side effects of pandemic will not go away in 100 days: Modi at Rozgar Mela

    By PTI

    NEW DELHI: Prime Minister Narendra Modi on Saturday said the government is working towards softening the blow of the economic problems faced by several countries across the world in the aftermath of the covid-19 pandemic.

    Addressing the “Rozgar Mela” after distributing 75,000 appointment letters among government job aspirants, Modi said the Centre is also working on multiple fronts to create maximum job opportunities for youngsters.

    “It is a fact that the global situation is not very good. Several large economies are struggling. In several countries, problems such as high inflation and unemployment are at their peak,” Modi said.

    He said the side effects of the once-in-a-century pandemic will not go away in -100 days.

    “But despite this crisis faced the world over, the impact of which is being felt everywhere, India is taking new initiatives and some risks to save our country from being affected by these problems.”

    “We are working to soften this impact on our country. It is a challenging job, but with your blessings, we have been protected till now,” Modi said.

    Earlier, the prime minister sent appointment letters to 75,000 job aspirants electronically. The new recruits, selected from across the country, will join 38 ministries or departments of the Government of India.

    ALSO READ: Unemployment in Karnataka peaks in festive season

    They will join the government at various levels in Group A and B (gazetted), Group B (non-gazetted) and Group C.

    The posts on which appointments are being made include those of the central armed forces personnel, sub-inspectors, constables, LDCs, stenographers, PAs, income tax inspectors and MTS, according to a statement issued by the government.

    These recruitments are being done by the ministries and departments either by themselves or through recruiting agencies such as the UPSC, the SSC and the Railway Recruitment Board.

    For expeditious recruitment, the selection processes have been simplified and made tech-enabled, the government had said.

    The prime minister had asked various government departments and ministries in June to recruit 10 lakh people on a “mission mode” in the next year and a half.

    NEW DELHI: Prime Minister Narendra Modi on Saturday said the government is working towards softening the blow of the economic problems faced by several countries across the world in the aftermath of the covid-19 pandemic.

    Addressing the “Rozgar Mela” after distributing 75,000 appointment letters among government job aspirants, Modi said the Centre is also working on multiple fronts to create maximum job opportunities for youngsters.

    “It is a fact that the global situation is not very good. Several large economies are struggling. In several countries, problems such as high inflation and unemployment are at their peak,” Modi said.

    He said the side effects of the once-in-a-century pandemic will not go away in -100 days.

    “But despite this crisis faced the world over, the impact of which is being felt everywhere, India is taking new initiatives and some risks to save our country from being affected by these problems.”

    “We are working to soften this impact on our country. It is a challenging job, but with your blessings, we have been protected till now,” Modi said.

    Earlier, the prime minister sent appointment letters to 75,000 job aspirants electronically. The new recruits, selected from across the country, will join 38 ministries or departments of the Government of India.

    ALSO READ: Unemployment in Karnataka peaks in festive season

    They will join the government at various levels in Group A and B (gazetted), Group B (non-gazetted) and Group C.

    The posts on which appointments are being made include those of the central armed forces personnel, sub-inspectors, constables, LDCs, stenographers, PAs, income tax inspectors and MTS, according to a statement issued by the government.

    These recruitments are being done by the ministries and departments either by themselves or through recruiting agencies such as the UPSC, the SSC and the Railway Recruitment Board.

    For expeditious recruitment, the selection processes have been simplified and made tech-enabled, the government had said.

    The prime minister had asked various government departments and ministries in June to recruit 10 lakh people on a “mission mode” in the next year and a half.

  • Act now to bring down inflation, safeguard financial stability, IMF chief to policymakers 

    By PTI

    WASHINGTON: The International Monetary Fund on Thursday urged policymakers across the world to act now to bring down inflation, put in place responsible fiscal policy, safeguard financial stability and carry reforms to address climate change, make digitalisation work for people and address inequality.

    Speaking to reporters at a press conference here, IMF Managing Director Kristalina Georgieva said, “The IMF is working with our 190 members on these issues. Our economic analysis is front and centre to help countries navigate this complex environment and avoid policy mistakes.”

    Describing it as a difficult global environment, Georgieva said the world economy has been hit by one shock after another- the coronavirus pandemic, Russia’s invasion of Ukraine and climate disasters on every continent.

    They continue to harm people’s lives and they have caused a cost-of-living crisis, she noted.

    “The immediate toll is clear. On Tuesday, we cut our global growth forecast to 2.7 per cent in 2023. Across many economies, the risks of recession are rising. And even when growth is positive, for many people, it will feel like a recession because of rising prices and shrinking real incomes,” she said.

    On top of this, risks to financial stability are growing and uncertainty remains exceptionally high.

    “Our World Economic Outlook shows a one-in-four chance that global growth could drop to a historic low of 2 per cent next year,” she said.

    “These repeated shocks and growth setbacks raise a bigger question: are we experiencing a fundamental economic shift in the world economy from a world of relative predictability and stability, to greater uncertainty and volatility,” she said.

    Georgieva said the IMF sees very clear areas where they can do better, even in this more complex environment.

    “First, bring inflation down. We know that rising interest rates come at a cost to growth. But we also know that not tightening enough to put a leash on inflation would mean interest rates staying higher for longer, resulting in even more harm to growth and people. For central banks, this means taking decisive action when necessary, and communicating as clearly as they can,” she said.

    Second, act now to put in place responsible fiscal policy.

    “We must prioritise protecting vulnerable households and businesses. But we have to do that at a time when fiscal buffers are exhausted because of the pandemic and levels of debt are very high. The obvious conclusion is that policy measures need to be temporary and well-targeted. Steer away from across-the-board fiscal support that is neither effective nor affordable,” she said.

    “If we are to help people and fight inflation, we must ensure that fiscal and monetary policies go hand in hand. When monetary policy hits the brakes, fiscal policy should not step on the accelerator that would make for a very dangerous ride,” she said.

    “Third, act now to safeguard financial stability, particularly as we see rising financial sector risks. Macroprudential policies need to be even more vigilant and proactively address pockets of vulnerability,” Georgieva said.

    “In this environment, we also must support vulnerable emerging markets and developing countries. It is tough for everybody, but it is even tougher for countries that are now being hit by a stronger dollar, high borrowing costs, and capital outflows a triple blow that is particularly heavy for countries that are under a high level of debt,” she said.

    “We are focusing on debt this week, especially for low-income countries where over 60 per cent are at or near debt distress. We need stronger efforts to confront food insecurity 345 million people are acutely food insecure. Children, women, and men are at risk of dying because of hunger, said the managing director, ” she said.

    “We need transformational reforms to address climate change, to make digitalisation work for people, and to address inequality. To confront these issues, we must act with sense of urgency now, and we must act together,” Georgieva said.

    WASHINGTON: The International Monetary Fund on Thursday urged policymakers across the world to act now to bring down inflation, put in place responsible fiscal policy, safeguard financial stability and carry reforms to address climate change, make digitalisation work for people and address inequality.

    Speaking to reporters at a press conference here, IMF Managing Director Kristalina Georgieva said, “The IMF is working with our 190 members on these issues. Our economic analysis is front and centre to help countries navigate this complex environment and avoid policy mistakes.”

    Describing it as a difficult global environment, Georgieva said the world economy has been hit by one shock after another- the coronavirus pandemic, Russia’s invasion of Ukraine and climate disasters on every continent.

    They continue to harm people’s lives and they have caused a cost-of-living crisis, she noted.

    “The immediate toll is clear. On Tuesday, we cut our global growth forecast to 2.7 per cent in 2023. Across many economies, the risks of recession are rising. And even when growth is positive, for many people, it will feel like a recession because of rising prices and shrinking real incomes,” she said.

    On top of this, risks to financial stability are growing and uncertainty remains exceptionally high.

    “Our World Economic Outlook shows a one-in-four chance that global growth could drop to a historic low of 2 per cent next year,” she said.

    “These repeated shocks and growth setbacks raise a bigger question: are we experiencing a fundamental economic shift in the world economy from a world of relative predictability and stability, to greater uncertainty and volatility,” she said.

    Georgieva said the IMF sees very clear areas where they can do better, even in this more complex environment.

    “First, bring inflation down. We know that rising interest rates come at a cost to growth. But we also know that not tightening enough to put a leash on inflation would mean interest rates staying higher for longer, resulting in even more harm to growth and people. For central banks, this means taking decisive action when necessary, and communicating as clearly as they can,” she said.

    Second, act now to put in place responsible fiscal policy.

    “We must prioritise protecting vulnerable households and businesses. But we have to do that at a time when fiscal buffers are exhausted because of the pandemic and levels of debt are very high. The obvious conclusion is that policy measures need to be temporary and well-targeted. Steer away from across-the-board fiscal support that is neither effective nor affordable,” she said.

    “If we are to help people and fight inflation, we must ensure that fiscal and monetary policies go hand in hand. When monetary policy hits the brakes, fiscal policy should not step on the accelerator that would make for a very dangerous ride,” she said.

    “Third, act now to safeguard financial stability, particularly as we see rising financial sector risks. Macroprudential policies need to be even more vigilant and proactively address pockets of vulnerability,” Georgieva said.

    “In this environment, we also must support vulnerable emerging markets and developing countries. It is tough for everybody, but it is even tougher for countries that are now being hit by a stronger dollar, high borrowing costs, and capital outflows a triple blow that is particularly heavy for countries that are under a high level of debt,” she said.

    “We are focusing on debt this week, especially for low-income countries where over 60 per cent are at or near debt distress. We need stronger efforts to confront food insecurity 345 million people are acutely food insecure. Children, women, and men are at risk of dying because of hunger, said the managing director, ” she said.

    “We need transformational reforms to address climate change, to make digitalisation work for people, and to address inequality. To confront these issues, we must act with sense of urgency now, and we must act together,” Georgieva said.

  • BJP says inflation under control due to PM’s policies, slams Congress

    By PTI

    JAIPUR: Hitting back at the Congress for its criticism on the issue of price rise, the BJP on Sunday said Prime Minister Narendra Modi has brought the inflation rate under control despite adverse circumstances which is being “appreciated” by citizens but the Congress party is not able to see it.

    BJP national general secretary and in-charge for Rajasthan, Arun Singh, said the inflation rate in other countries has gone up to 20-25 per cent but it is the vision and policies of the prime minister that inflation is under control in India.

    “Inflation is not going to be an issue here because the prime minister has controlled the inflation,” Singh told reporters when asked about the issue of inflation being raised by Congress.

    Singh was in Jaipur to take a meeting of the party leaders. “Look at the neighbouring countries of Sri Lanka, Pakistan, Bangladesh, even you go and see in the UK or US. Way inflation has increased in the countries of the world, 10 per cent, 15 per cent and up to 20-25 per cent, but in India, it is the vision and policies of PM Narendra Modi that inflation is under control despite adverse circumstances,” he said.

    “The Congress is not able to see the ground reality, and, therefore they keep on making allegations,” he said. The Congress is holding a rally in Delhi on Sunday over the issue of a price rise.

    ALSO READ | BJP-Sangh leaders creating fear and hatred, dividing country: Rahul at ‘Mehngai par halla bol’ rally

    The BJP leader, while referring to a report on the economy, said India’s economy stands at the fifth position in the world, which was at 10th place in 2014.

    “We are moving towards becoming the third largest economy by 2027. The entire world is appreciating India. The GDP growth is almost 8 per cent and that too despite adverse circumstances. Covid came and then the Russia-Ukraine war happened. The way the PM has tackled inflation; is being appreciated by the country. Congress should see this,” he said.

    Targeting the Ashok Gehlot-led Congress government in Rajasthan, he charged that law and order has deteriorated and crimes are increasing. He said the Congress will not only face a defeat in the 2023 Assembly election in the state but the number of seats it will get will also be very less.

    Singh held a meeting of the party’s state office bearers and held discussions on various issues.

    Later in the day, the BJP’s state core committee meeting was held at the party office in which the organisational and political issues were discussed.

    State president Satish Poonia chaired the committee meeting which was attended by the members of the core committee including state general secretary (organisation) Chandrashekhar, Leader of Opposition Gulab Chand Kataria, Deputy Leader of Opposition Rajendra Rathore, Union Ministers Gajendra Singh Shekhawat, Arjun Ram Meghwal, Kailash Chaudhary and national secretary Alka Gurjar etc.

    Prior to the core committee meeting, several leaders including former minister Laxminarayan Dave, who turned rebel in 2018 assembly elections, joined the BJP. Some of them include those who had contested the assembly elections as independent candidates.

    JAIPUR: Hitting back at the Congress for its criticism on the issue of price rise, the BJP on Sunday said Prime Minister Narendra Modi has brought the inflation rate under control despite adverse circumstances which is being “appreciated” by citizens but the Congress party is not able to see it.

    BJP national general secretary and in-charge for Rajasthan, Arun Singh, said the inflation rate in other countries has gone up to 20-25 per cent but it is the vision and policies of the prime minister that inflation is under control in India.

    “Inflation is not going to be an issue here because the prime minister has controlled the inflation,” Singh told reporters when asked about the issue of inflation being raised by Congress.

    Singh was in Jaipur to take a meeting of the party leaders. “Look at the neighbouring countries of Sri Lanka, Pakistan, Bangladesh, even you go and see in the UK or US. Way inflation has increased in the countries of the world, 10 per cent, 15 per cent and up to 20-25 per cent, but in India, it is the vision and policies of PM Narendra Modi that inflation is under control despite adverse circumstances,” he said.

    “The Congress is not able to see the ground reality, and, therefore they keep on making allegations,” he said. The Congress is holding a rally in Delhi on Sunday over the issue of a price rise.

    ALSO READ | BJP-Sangh leaders creating fear and hatred, dividing country: Rahul at ‘Mehngai par halla bol’ rally

    The BJP leader, while referring to a report on the economy, said India’s economy stands at the fifth position in the world, which was at 10th place in 2014.

    “We are moving towards becoming the third largest economy by 2027. The entire world is appreciating India. The GDP growth is almost 8 per cent and that too despite adverse circumstances. Covid came and then the Russia-Ukraine war happened. The way the PM has tackled inflation; is being appreciated by the country. Congress should see this,” he said.

    Targeting the Ashok Gehlot-led Congress government in Rajasthan, he charged that law and order has deteriorated and crimes are increasing. He said the Congress will not only face a defeat in the 2023 Assembly election in the state but the number of seats it will get will also be very less.

    Singh held a meeting of the party’s state office bearers and held discussions on various issues.

    Later in the day, the BJP’s state core committee meeting was held at the party office in which the organisational and political issues were discussed.

    State president Satish Poonia chaired the committee meeting which was attended by the members of the core committee including state general secretary (organisation) Chandrashekhar, Leader of Opposition Gulab Chand Kataria, Deputy Leader of Opposition Rajendra Rathore, Union Ministers Gajendra Singh Shekhawat, Arjun Ram Meghwal, Kailash Chaudhary and national secretary Alka Gurjar etc.

    Prior to the core committee meeting, several leaders including former minister Laxminarayan Dave, who turned rebel in 2018 assembly elections, joined the BJP. Some of them include those who had contested the assembly elections as independent candidates.

  • ‘Modi government has 2 brothers — unemployment and inflation’, says Congress 

    By PTI

    NEW DELHI: The Congress on Sunday took a dig at the Centre on the issue of price rise, saying unemployment and inflation were “two brothers” of the Modi government.

    Ahead of Sunday’s ‘Mehngai par halla bol’ rally of the party at the Ramlila Maidan here, Congress general secretary Jairam Ramesh said the rally was not being held to canvas for the 2024 polls, but to highlight the two “biggest challenges” of inflation and unemployment to the people.

    “We had protested against this even on August 5. About 70 MPs were detained, including Rahul Gandhi. People from 12-13 states are coming and we want to send an effective message to the insensitive Modi government that people are suffering from this back-breaking inflation and unemployment and solutions should be found for them,” Ramesh said.

    Asked about Ghulam Nabi Azad’s rally in Jammu on Sunday, Ramesh said he would speak about the Congress rally, not that of the BJP.

    On BJP’s allegation that the Congress was trying to divert people’s attention from the issue of corruption, Ramesh said the party has been protesting against rising prices for over a year.

    ALSO READ | At ‘Mehngai par halla bol’ protest rally, Congress workers demand Rahul Gandhi as chief

    “A rally was held in Jaipur. About 70 MPs were detained from Vijay Chowk. We have raised these issues inside and outside Parliament. We have held protests in various states. This rally is part of that series of protests.”

    “On September 7, we will begin the ‘Bharat Jodo Yatra’ which too will have the economic disparity as the biggest issue,” Ramesh said.

    “Modi government has two brothers- unemployment and inflation. Modi government has two brothers- ED and CBI,” the Congress leader went on to say.

    Former Congress president Rahul Gandhi and a host of party leaders are slated to address the rally.

    Party workers from Delhi, Haryana, and Uttar Pradesh, and other parts of the country, are converging for the event.

    The rally comes ahead of the opposition party’s 3,500-km ‘Bharat Jodo Yatra’ which will traverse the length of the country from Kanyakumari to Kashmir starting on September 7.

    Congress has said the rally’s aim is to highlight the issues of price hikes and unemployment and to promote communal harmony in the country.

    The party said its workers will continue to raise these issues as a responsible opposition and will take to the streets to fight for the cause of the common people.

    NEW DELHI: The Congress on Sunday took a dig at the Centre on the issue of price rise, saying unemployment and inflation were “two brothers” of the Modi government.

    Ahead of Sunday’s ‘Mehngai par halla bol’ rally of the party at the Ramlila Maidan here, Congress general secretary Jairam Ramesh said the rally was not being held to canvas for the 2024 polls, but to highlight the two “biggest challenges” of inflation and unemployment to the people.

    “We had protested against this even on August 5. About 70 MPs were detained, including Rahul Gandhi. People from 12-13 states are coming and we want to send an effective message to the insensitive Modi government that people are suffering from this back-breaking inflation and unemployment and solutions should be found for them,” Ramesh said.

    Asked about Ghulam Nabi Azad’s rally in Jammu on Sunday, Ramesh said he would speak about the Congress rally, not that of the BJP.

    On BJP’s allegation that the Congress was trying to divert people’s attention from the issue of corruption, Ramesh said the party has been protesting against rising prices for over a year.

    ALSO READ | At ‘Mehngai par halla bol’ protest rally, Congress workers demand Rahul Gandhi as chief

    “A rally was held in Jaipur. About 70 MPs were detained from Vijay Chowk. We have raised these issues inside and outside Parliament. We have held protests in various states. This rally is part of that series of protests.”

    “On September 7, we will begin the ‘Bharat Jodo Yatra’ which too will have the economic disparity as the biggest issue,” Ramesh said.

    “Modi government has two brothers- unemployment and inflation. Modi government has two brothers- ED and CBI,” the Congress leader went on to say.

    Former Congress president Rahul Gandhi and a host of party leaders are slated to address the rally.

    Party workers from Delhi, Haryana, and Uttar Pradesh, and other parts of the country, are converging for the event.

    The rally comes ahead of the opposition party’s 3,500-km ‘Bharat Jodo Yatra’ which will traverse the length of the country from Kanyakumari to Kashmir starting on September 7.

    Congress has said the rally’s aim is to highlight the issues of price hikes and unemployment and to promote communal harmony in the country.

    The party said its workers will continue to raise these issues as a responsible opposition and will take to the streets to fight for the cause of the common people.

  • Inflation a global concern, not limited to India: Amit Shah

    By Express News Service

    BENGALURU: Union Minister for Home Affairs and Cooperation Amit Shah on Thursday said inflation in the country was due to global situation. The minister’s statement comes in the wake of increasing attacks on the BJPled Central government over rising inflation.

    Addressing the third edition of ‘Sankalp Se Siddhi’ conference organised by the Ministry of Culture and Confederation of Indian Industry (CII) in Bengaluru, Shah said there has been a lot of discussion on the value of rupee and also inflation, but one needs to look at the currency value of Europe, Japan, Britain, Brazil and China.

    He said that in the United States, inflation rate was 2.8 per cent which is now 9.8 per cent, in Turkey it is 73.5 per cent and in Brazil it is 12.3 per cent, whereas in India it is 7.1 per cent. India’s GDP growth is 7.4 per cent as against the US’ 2.3 per cent, Germany’s 1.2 per cent and China’s 3.3 per cent, which shows that the government’s policies and implementation are in the right direction, he claimed.

    Amit Shah said Prime Minister Narendra Modi has given an all-inclusive government in the last eight years. “Since 2014, PM Modi has given ‘Sarva Sparshi, Sarva Samaveshi’ governance to the country. With our Atmanirbar Bharat and Make-in-India initiatives which have laid the foundation for growth for the next 25 years, we can say that no one can take India lightly anymore,” he said.

    The government is giving free gas cylinder, power, houses and water to people who were struggling and they are now able to buy goods contributing to India’s GDP growth, he said.

    ‘Our economy 1st to get out of pandemic effect’

    Shah said the Covid-19 induced lockdown impacted not only India but also the global economy. While other countries printed more currency notes, announced big packages, India adopted a different policy. “We encouraged an indigenously-developed vaccine and focussed on policies.

    Economists worldwide praised Indian economy as it was the first to come out of the pandemic effect,” he said. Slamming the previous UPA government, Shah said before 2014, the prime minister was not considered as PM, but his cabinet ministers were acting as prime minister. He added that the Centre is now focused on development.

    BENGALURU: Union Minister for Home Affairs and Cooperation Amit Shah on Thursday said inflation in the country was due to global situation. The minister’s statement comes in the wake of increasing attacks on the BJPled Central government over rising inflation.

    Addressing the third edition of ‘Sankalp Se Siddhi’ conference organised by the Ministry of Culture and Confederation of Indian Industry (CII) in Bengaluru, Shah said there has been a lot of discussion on the value of rupee and also inflation, but one needs to look at the currency value of Europe, Japan, Britain, Brazil and China.

    He said that in the United States, inflation rate was 2.8 per cent which is now 9.8 per cent, in Turkey it is 73.5 per cent and in Brazil it is 12.3 per cent, whereas in India it is 7.1 per cent. India’s GDP growth is 7.4 per cent as against the US’ 2.3 per cent, Germany’s 1.2 per cent and China’s 3.3 per cent, which shows that the government’s policies and implementation are in the right direction, he claimed.

    Amit Shah said Prime Minister Narendra Modi has given an all-inclusive government in the last eight years. “Since 2014, PM Modi has given ‘Sarva Sparshi, Sarva Samaveshi’ governance to the country. With our Atmanirbar Bharat and Make-in-India initiatives which have laid the foundation for growth for the next 25 years, we can say that no one can take India lightly anymore,” he said.

    The government is giving free gas cylinder, power, houses and water to people who were struggling and they are now able to buy goods contributing to India’s GDP growth, he said.

    ‘Our economy 1st to get out of pandemic effect’

    Shah said the Covid-19 induced lockdown impacted not only India but also the global economy. While other countries printed more currency notes, announced big packages, India adopted a different policy. “We encouraged an indigenously-developed vaccine and focussed on policies.

    Economists worldwide praised Indian economy as it was the first to come out of the pandemic effect,” he said. Slamming the previous UPA government, Shah said before 2014, the prime minister was not considered as PM, but his cabinet ministers were acting as prime minister. He added that the Centre is now focused on development.

  • ‘Unemployment most burning issue in country’: Varun Gandhi hits out at Centre again

    By PTI

    NEW DELHI: Noting that unemployment is the most burning issue in the country, BJP MP Varun Gandhi on Monday appreciated AIMIM chief Asaduddin Owaisi for mentioning him while raising the issue in a speech.

    Gandhi, who has often put the government in a dock over a host of issues, posted a video of a speech of the fiery Hyderabad MP who cited a large number of vacancies in different sectors of government and added that the figures were first quoted by the BJP leader.

    “Unemployment today is the country’s most burning issue, and leaders from across the country should draw the government’s attention to this. Unemployed youths should be given justice. Only then the country will grow strong,” Gandhi tweeted.

    He said he was thankful to Owaisi for mentioning the questions raised by him over the issue in his address.

  • Wrong economic policies of govt have put burden of inflation on common people: Rahul

    “If you think inflation will go down in the coming times, then you are under a misconception. Get ready for a fresh onslaught from the Modi government in the coming days,” he said.

  • Food prices push retail inflation to 17-month high

    By Express News Service

    NEW DELHI: Retail inflation soared to a 17-month high of 6.95% in March with the prices of most commodities soaring, data published by the National Statistical Office showed on Tuesday. It is the third straight month when the inflation remained above the Reserve Bank of India’s comfort zone of 6%. Retail inflation, measured by Consumer Price Index (CPI), was 6.07% in February and 6.01% in January. The CPI inflation was 5.52% in March 2021. 

    The surge in March retail inflation was driven mainly by costly food items, which registered a 7.7% growth compared to 5.9% in February. Vegetables prices rose 11.6%, edible oils 18.8%, meat and fish by 9.6% and cereals by 4.9% during the month under review.

    Inflation in the ‘fuel and light’ category, however, grew at a slower pace of 7.5% in March (compared to 8.7% in February) as most of the price hikes in petrol, diesel and LPG happened in the later part of the month.

    According to the latest data, the prices of most commodity groups touched multi-month highs — cereals and products (19 months), milk and products (16 months), vegetable (16 months), clothing (100 months), footwear (111 months), household goods and services (102 months), personal care (13 months) and food index (16 months).

    Core inflation, or non-food non-fuel inflation, was at 6.4% in March compared to 5.8% in February. Core inflation is likely to see a broad-based rise as producers pass on cost pressures across segments, says rating agency Crisil. The poor are bearing the burden of inflation the most, given that food recorded the sharpest rise, Crisil adds.

    Meanwhile, rural inflation showed a higher jump of 7.7% than urban inflation (6.12%). RBI in its recent monetary policy had said that its primary focus would be to contain inflation. The central bank also revised the 2022-23 inflation estimates to 5.7% from its earlier forecast of 4.5%. 

  • ‘Inflation set to go up, Centre must act to protect people’: Rahul advises Modi government

    By PTI

    NEW DELHI: Congress leader Rahul Gandhi on Saturday cautioned that inflation will rise further and urged the government to act now to protect the people of the country.

    Asserting that inflation is a tax on all Indians, Gandhi said record price rise had crushed the poor and the middle class even before the Russia-Ukraine war began.

    “It (inflation) will increase further as: – Crude > $100/barrel – Food prices expected to rise 22% – COVID disrupts Global Supply Chain,” he said in a tweet.

    “GOI must act NOW. Protect people,” the former Congress chief said.

    Retail inflation hit an eight-month high of 6.07 per cent in February and wholesale price-based inflation soared to 13.11 per cent on account of hardening of crude oil and non-food item prices, according to government data released on Monday.

    The rise in crude oil and natural gas prices after the Russian invasion of Ukraine, which began on February 24, has put pressure on the wholesale price index.