IndiaTheNews NewsRoom: Good news is continuously coming on the economy front, unemployment-inflation is decreasing and people’s income is increasing.

The country is continuously getting good news on the economic front. Unemployment and inflation are decreasing rapidly, people’s income is increasing, there is a big jump in the sales of consumer goods, especially Made in India products have become the first choice of customers, due to which the country is becoming increasingly strong in the economic sector. Is. The economic policies of the Modi government, which aims to make India the third largest economy in the world, are bringing great results. Let us tell you that an economist of State Bank of India (SBI) has said in one of his reports that India’s unemployment rate is at a record low and the country’s labor market is going through a structural change. In the report, SBI economists also advocated reinterpretation of old observations on a topic like employment.

‘India’s unemployment rate is at record lows and the labor market is undergoing a deep structural transformation across all sectors, including entrepreneurship,’ the report said. Higher educational attainment is emerging as a major catalyst. The report said the government’s emphasis on entrepreneurship through schemes like Pradhan Mantri Mudra Yojana (PMMY) and PM-SVANidhi has supported people at the bottom. Because of this the labor market in India is undergoing a structural change.

Inflation is also decreasing

As far as inflation is concerned, let us tell you that wholesale inflation was minus 0.52 percent in October. This is the seventh consecutive month that wholesale inflation has remained below zero. Experts said fluctuations in vegetable prices, rise in domestic prices of most food items as well as adverse base effects could push wholesale inflation higher in the near future. Let us tell you that

Wholesale price index (WPI) based inflation has remained below zero continuously since April. In September it was minus 0.26 percent. Inflation based on Wholesale Price Index in October 2022 was 8.67 percent. Inflation in food items declined to 2.53 percent in October. In September it was 3.35 percent. The Ministry of Commerce and Industry said in this regard, “Inflation remained below zero in October 2023.” The main reason for this was the decline in the prices of chemicals and chemical products, electricity, textiles, basic metals, food products, paper and paper products etc. compared to the same month last year.” WPI being below zero means that the total Wholesale prices are declining on an annual basis.

Rahul Bajoria, managing director and head of EM (emerging markets) Asia economics at global financial services company Barclays, said that overall inflation remains largely under control. A stable rupee, manageable energy costs and tax policy on fuel prices are helping to keep inflation in a stable range. Let us tell you that the Reserve Bank of India (RBI) estimates that consumer price index (CPI) based inflation will be at 5.4 percent in the current financial year (2023-24). In the last financial year 2022-23 it was 6.7 percent.

If we talk about retail inflation, its figures also show that October inflation continues to slow down. Due to cheaper food items including vegetables, retail inflation fell to a four-month low of 4.87 percent in October. With this, it has come close to the Reserve Bank of India’s retail inflation target of four percent. According to the data, Consumer Price Index-based retail inflation (CPI) stood at a three-month low of 5.02 per cent in September. Earlier, the inflation rate in June was recorded at 4.87 percent. Let us tell you that the government has given the responsibility to RBI to keep the retail inflation rate at four percent with a variation of two percent. The central bank mainly looks at retail inflation while considering the bi-monthly monetary policy.

Inflation in oil and fats segment declined to 13.73 percent. Inflation also remained mild in the case of vegetables, meat and fish and light and fuel. Among the states, inflation remained above six percent in Odisha, Rajasthan and Haryana. In Bihar, Gujarat, Karnataka, Telangana, Uttar Pradesh and Punjab, inflation was higher than the national average of 4.87 percent. The lowest inflation was in Chhattisgarh and Delhi. At the national level, retail inflation in rural areas was 5.12 percent while it was 4.62 percent in cities.

ICRA Chief Economist Aditi Nair said the rise in food grain prices following an uneven monsoon was reflected in prices in October. Higher prices of some vegetables like onions were partly offset by seasonal declines in prices of many other vegetables. This has brought some relief. He said, “We believe that the Monetary Policy Committee will maintain its aggressive stance by maintaining the current policy rate in its upcoming monetary policy review meeting. As far as the policy rate cut is concerned, it can be seen in August, 2024…” Apart from this, Upasana Bhardwaj, Chief Economist of Kotak Mahindra Bank, said that the softening in inflation provides some relief. Especially when core inflation is at a satisfactory level. “Overall, we believe the MPC will keep the policy rate intact,” he said. At the same time, more cash will be used as part of policy initiatives to manage the situation.

business on diwali

As far as the business done on Diwali is concerned, let us tell you that during the festivals across the country, retail markets are seeing good activity and a record business of about Rs 4 lakh crore has been done. Traders’ organization Confederation of All India Traders (CAT) said that the figures for Govardhan Puja, Bhai Dooj and Chhath Puja are yet to come. In view of these, more business is expected. Kat said, “This time Indian products were sold and bought almost everywhere. This is a big thing.” CAT General Secretary Praveen Khandelwal said that during Diwali, Chinese goods have lost business worth more than Rs 1 lakh crore. He said, “In the last few years, during Diwali, about 70 percent of the market was occupied by Chinese products. However, this year, Prime Minister Narendra Modi’s appeal to use local goods this Diwali (Vocal for Local) had a good impact and was adopted by both traders and consumers.

Apart from this, the figures coming out from the automobile sector are also showing a big jump in the sales of vehicles. The special thing is that customers are giving preference to purchasing SUVs and big vehicles instead of small cars. Similarly, reports of increase in home sales this festive season have also come from the real estate sector.