Bhagwat Karad: If necessary, the government will make additional steps to lower inflation.

Safalta Expert Published by: Aryan Rana Updated Sun, 19 Jun 2022 12:18 AM IST

Highlights

India's state minister for finance declared that the Finance Ministry will take additional steps to control inflation if necessary. Inflation is a global phenomenon, and India fared better than other nations. The crisis between Russia and Ukraine has had a substantial impact on India's inflation rate.

India's state minister for finance, Bhagwat Kishanrao Karad, declared that the Finance Ministry will take additional steps to control inflation if necessary. Inflation is a global phenomenon, and India fared better than other nations. Inflation is being closely monitored by the government, which is doing everything it can to keep it under control. The crisis between Russia and Ukraine, according to the minister of state, has had a substantial impact on India's inflation. If you are preparing for competitive exams and looking for expert guidance, you can download our General Knowledge Free Ebook Download Now.

Source: Safalta.com

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KEY CONCEPTS

To mitigate the retail impact of fuel inflation on customers, the Finance Ministry has already decreased excise duty.

Crude oil prices have been continuously rising over the world. Following the federal government's drop in excise charges, some states reduced their fuel VAT.

India has increased the fertiliser subsidy for the Kharif season to help farmers cope with rising global costs.

In order to prevent internal inflation, the government also barred wheat exports.

The food ministry capped sugar supplies to 100 LMT in anticipation of a shortage in October and November.

In April, the Consumer Price Index (CPI) rose to 7.9%, significantly beyond the government-mandated threshold of 4% (+2%). The Reserve Bank of India and the Finance Ministry collaborated to bring the CPI inflation rate down to nearly 7% in May.

The RBI raised the repo rate twice, the first by 40 basis points and the second by 50 basis points, to limit liquidity and manage inflation.

Facts to remember

India's state minister for finance, Bhagwat Kishanrao Karad, declared that the Finance Ministry will take additional steps to control inflation if necessary.

The crisis between Russia and Ukraine, according to the minister of state, has had a substantial impact on India's inflation.

India has increased the fertiliser subsidy for the Kharif season to help farmers cope with rising global costs.

 In order to prevent internal inflation, the government also barred wheat exports.

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