Inflation in tolerance band, result of govt measures: FM

Feb 7, 2024


New Delhi: retail Inflation is stable and within the limits of the central bank tolerance band 2-6% as a result of Centre's efforts to rein in prices, Finance Minister Nirmala Sitharaman In the Lok Sabha on Wednesday, he rejected the opposition's criticism on the price situation.
Responding to the opposition's charge that inflation, poverty and unemployment are rising despite the government's claims of a fast-growing economy, Sitharaman said during the discussion on the Interim Budget 2024-25 in the Lok Sabha, retail inflation The average has declined from 6.8% in April-December 2022 to 5.5% in the same period of 2023. Retail inflation based on consumer price index (CPI)CPI) stood at 5.7% in December 2023.

FM

He elaborated on the measures taken by the government to curb volatility in onion prices and said the government has increased its buffer size from one lakh metric tonne (LMT) in 2020-21 to 7 lakh tonne in 2023-24. Is done. He also said that the government has launched 'Bharat Dal' to make pulses available at subsidized rates in retail markets, and chana dal is now available at Rs 60 per kg in a pack and Rs 55 per kg for a 30 kg pack. .
The Lok Sabha on Wednesday approved the interim budget of Rs 47.7 lakh crore by voice vote. A budget of Rs 1.8 lakh crore was approved for the Union Territory of Jammu and Kashmir and the Finance Bill was also approved late in the evening, completing the budget process.
During his reply, the FM stressed that employment is also increasing in the country, the workforce is getting stronger and the unemployment rate is declining significantly. He said the number of people enrolled in EPFO ​​has increased significantly, the labor force has grown by more than 8% in 2022-23, and unemployment has declined from 6.2% in 2017-18 to 3.2% in 2022-23. . The minister said that while women's participation in the labor force is increasing, youth participation has also increased by 6.3% in 2022-23.
Sitharaman said performance linked incentive (PLI) schemes have generated 7 lakh direct and indirect jobs so far. “Fourteen sectors have benefited from the PLI schemes brought by our government. Manufacturing locations are coming up in 24 states and more than 150 districts. Government to invest around Rs 1.97 lakh crore in five years starting 2021-22 An investment of Rs 1.07 lakh crore will be committed under the PLI schemes,” she said.
The FM also faulted the opposition's attempt to compare the per capita income of Bangladesh and Sri Lanka, saying “just comparing per capita GDP does not give a clear picture” and that India lags behind both in terms of “real GDP”. Has performed much better than its neighbours. , Responding to the debate, the minister said the central government proposes to reduce the fiscal deficit to 5.1% of GDP during 2024-25.



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