From the ramparts of Red Fort, PM Modi announced to reduce inflation, know big things
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New Delhi : Prime Minister Narendra Modi (PM Modi) has announced to reduce inflation from the ramparts of the Red Fort on the occasion of 77th Independence Day on Tuesday. During his speech, PM Modi said that under his leadership, the central government has made ‘best efforts’ to control inflation and efforts will continue in the coming days to minimize this burden of the public.
Inflation gripped the whole world
Addressing the nation on the occasion of India’s 77th Independence Day, Prime Minister Modi said that today the whole world is facing the crisis of inflation and inflation has gripped the economy of the whole world. He said that we also bring the goods which are needed from the world. Not only do we import goods, we also import inflation. Inflation has gripped the whole world.
India made efforts to control inflation
PM Modi said that India has made every effort to control inflation. Compared to the previous period, we have also got some success, but we are not satisfied with that much. Our things are better than the world, we cannot live just thinking this. I want to minimize the burden of inflation on my countrymen. More steps have to be taken in this direction. We will keep taking those steps, my efforts will continue.
Middle class will get loan on low interest
On this occasion, the Prime Minister also announced the facility of buying a house at low interest for the middle class people. He said that he is coming up with a scheme for the middle class. Those who live in cities, but live in rented houses. Live in slums, live in unauthorized colonies. If such family members want to build their house, then we have decided to help lakhs of rupees by giving relief in interest on the loan they will get from the bank.
pocket inflation in india
Rising inflation in India like the mouth of Sursa is spoiling the economic condition by tearing the pockets of the common man. Alam is that in the month of July people are losing their breath due to the prices of vegetables. According to media reports, retail inflation jumped to a 15-month record high of 7.44 per cent in July due to increase in prices of vegetables and food items. According to official data released on Monday, consumer price index (CPI) based inflation was 4.87 per cent in June, compared to 6.71 per cent in July last year. Earlier, inflation in April 2022 was at a high level of 7.79 per cent.
Vegetables costlier by 37.43 percent
According to data from the National Statistical Office (NSO), retail inflation stood at 11.51 per cent in July, as against 4.55 per cent in June and 6.69 per cent in July last year due to increase in food prices. On an annual basis, the inflation rate of vegetables was 37.43 percent, while the price of cereals and its products increased by 13 percent.
Wholesale inflation in the negative zone for the fourth consecutive month
On the other hand, despite skyrocketing prices of food articles, especially vegetables, wholesale inflation remained in the negative territory for the fourth consecutive month in July. Inflation based on Wholesale Price Index (WPI) has been minus 1.36 per cent in July. Wholesale inflation was minus 4.12 per cent in June due to a 62.12 per cent increase in the prices of vegetables. In July last year it was 14.07 per cent. According to government data, inflation in food articles stood at 14.25 per cent in July, compared to 1.32 per cent in June.
Fall in prices of mineral oil and chemical products
The Ministry of Commerce and Industry said on Monday that the decline in the rate of inflation in July 2023 is mainly due to a decrease in the prices of mineral oils, basic metals, chemicals and chemical products, textiles and food products. CareAge Chief Economist Rajni Sinha said if food prices continue to rise, WPI inflation may slip into the positive zone in the coming months. Inflation in fuel and power segment stood at minus 12.79 per cent in July as against minus 12.63 per cent in June. Inflation in manufactured products was down -2.51 per cent in May. It was down minus 2.71 per cent in June.
Market affected by the price of vegetables
Rahul Bajoria, Head of Economic Research, EM Asia (Excluding China), Barclays, said the slower pace of decline in the Wholesale Price Index on a monthly basis is almost entirely due to vegetable prices, which have actually risen. Basically the market is getting affected due to the rising prices of vegetables. Apart from vegetables, an increase was seen in cereals and pulses, where inflation stood at 8.31 per cent and 9.59 per cent, respectively.
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