India Ideas Summit

Equitable distribution of wealth and creation of jobs remains the other target areas, she said at the India ideas summit

Finance Minister Nirmala Sitharaman on Wednesday said that the economic growth of the country is a priority for the government, as inflation shows a decrease to a manageable level.

Equitable distribution of wealth and creation of jobs remains the other target areas, she said at the India ideas summit.

She also added that some of course are red-lettered and some may not be. Red-lettered priorities are, jobs, equitable wealth distribution, and making sure India is running on the path of growth.

In that sense, inflation does not come under red-lettered. I hope it doesn’t surprise you. We have realised that in the past couple of months that we were able to bring it to a manageable level. Minister said at the event.

According to official data, due to moderation in food prices, retail inflation softened to 6.71 per cent in July. But still above the Reserve Bank’s convenience (RBI) level of 6 per cent for the seventh consecutive month.

The Consumer Price Index (CPI) depends on retail inflation was at 7.01 per cent in June and 5.59 per cent in July 2021. Also, It was above 7 per cent from April-June this fiscal.

Minister showed confidence that the RBI would handle the challenge emerging from the aggressive rate hike stance by the European Central Bank and the US Fed.

Sharing concerns over fiscal management during the corona pandemic, she said, India with a targeted fiscal policy handled a difficult time without printing money.

Mentioning the energy crisis globally, triggered by the ongoing Russia-Ukraine war, she said, the availability of crude oil, and natural gas is still uncertain.

She also commented on the importance of deepening ties between India and the US in all respects including payment technology.