The skyrocketing inflation has broken the back of every family in the country. In such a situation, the government is expected to control inflation. But Finance Minister Nirmala Sitharaman has given a shocking statement. The Finance Minister said that inflationary pressure is not the biggest challenge. Rather, creating more and more jobs and achieving the goal of economic equality is the biggest priority of the government.
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 arising out of the war between Russia and Ukraine, he said that there is still uncertainty about the availability of crude oil and natural gas. He called for further deepening of ties between India and the US in all respects, including payment technology.
According to official data, inflation eased to 6.71 per cent in July due to softening of food prices, although it was above the Reserve Bank of India's (RBI) high limit of 6.0 per cent for the seventh consecutive month. remained. Consumer Price Index (CPI) based retail inflation was 7.01 per cent in June 2022 as compared to 5.59 per cent in July 2021. Between April and June, it remained above seven per cent.
Finance Minister Nirmala Sitharaman called for further deepening ties between India and the US in every respect, including payment technology. The Reserve Bank has been entrusted with the responsibility of maintaining retail inflation at four percent with two percent fluctuations. In such a situation, the RBI may make another hike in the policy rate in the proposed monetary policy review at the end of September.