Other countries facing steep inflation as compared to India: Union Minister Hardeep Singh Puri
March 27, 2023
  • Circulation
  • Advertise
  • Careers
  • About Us
  • Contact Us
Organiser
  • ‌
  • Bharat
  • World
  • G20
  • Editorial
  • Analysis
  • Opinion
  • Sports
  • More
    • Defence
    • RSS in News
    • Azadi Ka Amrit Mahotsav
    • My States
    • Vocal4Local
    • Business
    • Special Report
    • Culture
    • Sci & Tech
    • Entertainment
    • Education
    • Books
    • Interviews
    • Travel
    • Health
    • Obituary
SUBSCRIBE
No Result
View All Result
  • ‌
  • Bharat
  • World
  • G20
  • Editorial
  • Analysis
  • Opinion
  • Sports
  • More
    • Defence
    • RSS in News
    • Azadi Ka Amrit Mahotsav
    • My States
    • Vocal4Local
    • Business
    • Special Report
    • Culture
    • Sci & Tech
    • Entertainment
    • Education
    • Books
    • Interviews
    • Travel
    • Health
    • Obituary
No Result
View All Result
Organiser
No Result
View All Result
  • Home
  • Bharat
  • World
  • G20
  • Editorial
  • Opinion
  • Analysis
  • Culture
  • Defence
  • RSS in News
  • My States
  • Vocal4Local
  • Subscribe
Home Bharat

Other countries facing steep inflation as compared to India: Union Minister Hardeep Singh Puri

Union Minister Hardeep Singh Puri said the living standards in a lot of other countries other than India have declined due to high inflation.

WEB DESK by WEB DESK
Jun 3, 2022, 09:11 am IST
in Bharat
Union Minister Hardeep Singh Puri (Photo Source: ANI)

Union Minister Hardeep Singh Puri (Photo Source: ANI)

Share on FacebookShare on TwitterTelegramEmail

New Delhi [India]: Union Minister Hardeep Singh Puri on Thursday (June 2) said that other countries are facing very steep inflation as compared to India currently.

Reacting to a question on high fuel prices, the Union Minister of Petroleum and Natural Gas, while addressing a press conference on Wednesday, said, ” Economies of other big countries are facing steepest inflation and a sharp decline in living standards since World War II. It is a phenomenon. We are in a situation where we can control prices to the extent we can.”

“We can only control prices to some extent and give relief to the citizens”, he said, adding that the living standards in a lot of other countries other than India have declined due to high inflation.

Retail inflation in India surged to 7.79 per cent on an annual basis in the month of April owing to higher edible oil and fuel prices, data from the Ministry of Statistics and Programme Implementation stated in May. The headline inflation is now at the highest level since the 8.33 per cent hit in May 2014.

The surge in inflation is largely driven by rising fuel and food prices, government data showed.

The consumer price-based inflation figure stayed well above the Reserve Bank of India’s (RBI’s) upper tolerance limit for a fourth consecutive month. The Centre has mandated RBI to keep the retail inflation between 2 per cent to 6 per cent.

Food inflation, which accounts for nearly half the consumer price index (CPI) basket, reached a multi-month high in April this year and can remain elevated due to higher vegetable and cooking oil prices globally. RBI mainly considers the retail inflation figure while arriving at its bi-monthly policy decision.

Sunil Kumar Sinha, Principal Economist, India Ratings and Research, said to ANI, “Based on the present trend, average inflation in FY23 is likely to be closer to 7 per cent and may peak in September 2022 thereafter declining marginally. RBI has increased the repo rate by 40bp and CRR by 50bp in May 2022. India Ratings expects monetary tightening to continue and expects repo rates to increase by 60-75bp and CRR by 50bp in FY23. However, India Ratings believes the future rate hikes will be data-dependent.”

Sachin Gupta, CEO of Share India Securities, said to ANI, “Due to the ongoing geopolitical tensions and high commodity prices, it was expected that the inflation numbers will be on the higher side. Anticipating this, RBI has already started fiscal tightening by increasing the repo rate. With the global uncertainty continuing and commodity prices remaining high, the inflation numbers may witness upward pressure in coming months also.”

DK Mishra, an economist, had said, “What we see RBI will try to increase the repo rate further. There is one more possibility that RBI may increase the upper comfort level of inflation, to more than 6 per cent which can be accepted phenomenon for the time being to see that inflation will continue to trouble us in the short term time span.” (ANI)

 

Topics: IndiaHardeep Singh PuriOil pricesInflationCrude Oil
Share1TweetSendShareSend
Previous News

India, Israel adopt vision statement for enhanced defence ties

Next News

EAM Jaishankar meets Austrian counterpart in Slovakia, discusses Afghanistan, Indo Pacific

Related News

Anti-India Agenda ploy of the West: World Happiness Index ranks India in the bottom rung

Anti-India Agenda ploy of the West: World Happiness Index ranks India in the bottom rung

Punjabi Singers and Khalistan 2.0: Musical puppets of Pakistan’s ISI

Punjabi Singers and Khalistan 2.0: Musical puppets of Pakistan’s ISI

Indo-China LAC conflict: United States provided real-time Intel to India?

Indo-China LAC conflict: United States provided real-time Intel to India?

Radical Islamist preacher Zakir Naik likely to be deported from Oman

Radical Islamist preacher Zakir Naik likely to be deported from Oman

Boosting India-Bangladesh energy cooperation

Boosting India-Bangladesh energy cooperation

WHO accuses China of hiding data on coronavirus’ origin

WHO accuses China of hiding data on coronavirus’ origin

Comments

The comments posted here/below/in the given space are not on behalf of Organiser. The person posting the comment will be in sole ownership of its responsibility. According to the central government's IT rules, obscene or offensive statement made against a person, religion, community or nation is a punishable offense, and legal action would be taken against people who indulge in such activities.

Latest News

China and the West hostility: Sensationalising battle lines in the international arena

China and the West hostility: Sensationalising battle lines in the international arena

US Banking Crisis: Is the worst yet to come?

US Banking Crisis: Is the worst yet to come?

World Boxing Championships 2023: Nikhat Zareen wins her 2nd Gold medal

World Boxing Championships 2023: Nikhat Zareen wins her 2nd Gold medal

Hindu Rashtra: Rashtra is Hindu and Sanatan Its Adjective

Hindu Rashtra: Rashtra is Hindu and Sanatan Its Adjective

Umesh Pal Murder: Atiq Ahmed to be shifted from Sabarmati jail to Prayagraj; To be produced in MP MLA court on March 28

Umesh Pal Murder: Atiq Ahmed to be shifted from Sabarmati jail to Prayagraj; To be produced in MP MLA court on March 28

Madhya Pradesh: Alcohol & condoms found from principal’s office at a missionary school; Repeated cases of conversion & sexual abuse at such schools raise alarming questions

Madhya Pradesh: Alcohol & condoms found from principal’s office at a missionary school; Repeated cases of conversion & sexual abuse at such schools raise alarming questions

Assam: Massive rally over the issue of anti-conversion and delisting of ST status organised by JDSSM, more than 55000 tribals participated

Assam: Massive rally over the issue of anti-conversion and delisting of ST status organised by JDSSM, more than 55000 tribals participated

Bihar: Row over ‘Hindu Rashtra’ banners in Darbhanga, VHP slams Nitish-Tejashwi Government for lodging FIR

Hindu Rashtra Flags: Bihar police arrested VHP district secretary after flags appeared in Darbhanga

Land For Job Scam: Tejashwi Yadav finally presented before the CBI

Land For Job Scam: Tejashwi Yadav finally presented before the CBI

Demographic Shift of Europe: Spain witnessed 10 times increase in Muslim Population in last 3 decades

Demographic Shift of Europe: Spain witnessed 10 times increase in Muslim Population in last 3 decades

  • Privacy
  • Terms
  • Cookie Policy
  • Refund and Cancellation
  • Delivery and Shipping

© Bharat Prakashan (Delhi) Limited.
Tech-enabled by Ananthapuri Technologies

No Result
View All Result
  • Home
  • Bharat
  • World
  • Editorial
  • Analysis
  • Opinion
  • Defence
  • Culture
  • Sports
  • Business
  • RSS in News
  • My States
  • Vocal4Local
  • Special Report
  • Sci & Tech
  • Entertainment
  • Education
  • Books
  • Interviews
  • Travel
  • Health
  • Obituary
  • Subscribe
  • Advertise
  • Circulation
  • Careers
  • About Us
  • Contact Us
  • Privacy Policy
  • Cookie Policy
  • Terms of Use
  • Refund and Cancellation

© Bharat Prakashan (Delhi) Limited.
Tech-enabled by Ananthapuri Technologies