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Govt Working on Short, Medium-term Measures to Control Price Rise: Nirmala Sitharaman

File photograph of Union Finance Minister Nirmala Sitharaman.

The wholesale worth index (WPI) based mostly inflation rose to a seven-month excessive of 1.32 per cent in September, whereas retail inflation was at eight-month excessive of seven.34 per cent on spiralling costs of meals objects, particularly greens.

  • PTI New Delhi
  • Last Updated: November 12, 2020, 17:03 IST
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Finance Minister Nirmala Sitharaman on Thursday mentioned perishable items are placing upward stress on inflation and the federal government is engaged on each quick and medium-term measures for controlling worth rise. The wholesale worth index (WPI) based mostly inflation rose to a seven-month excessive of 1.32 per cent in September, whereas retail inflation was at eight-month excessive of seven.34 per cent on spiralling costs of meals objects, particularly greens.

Speaking to reporters, Sitharaman mentioned floods in sure districts have led to uptick in costs of perishable items, and the federal government is taking steps for his or her higher preservation, lengthy shelf life and offering climate proof storage, notably for crops like onion and potato. “Strictly, the perishable goods are the one which went up…and its more because some districts got flooded…The government is working on both short-term and medium-term steps. Import where necessary for short duration and for medium-term, enough investment is being attracted to and incentives being provided to create agri infrastructure,” she mentioned.

The Reserve Bank in a report on the state of financial system on Wednesday had additionally flagged unrelenting stress of inflation as a draw back threat confronting the prospects of financial restoration. “The foremost is the unrelenting pressure of inflation, with no signs of waning in spite of supply management measures…There is a grave risk of generalisation of price pressures, unanchoring of inflation expectations feeding into a loss of credibility in policy interventions and the eventual corrosion of the nascent growth impulses that are making their appearance,” RBI mentioned.

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