Retail inflation stands at 5.4%, the lowest since the pandemic, thanks to timely policy interventions by the government and the Reserve Bank of India’s (RBI) price stability policies, the Economic Survey 2023–2024 said on Monday.
Geopolitical unrest, supply problems, and the Covid-19 epidemic all contributed to increased inflationary pressures worldwide in FY22 and FY23.
The Economic Survey claims that price increases for consumer goods and services occurred in India as a result of global wars and unfavourable weather that increased the cost of food.
“However, in FY24, the Reserve Bank of India’s price stability measures and the Central government’s timely policy interventions helped maintain retail inflation at 5.4% — the lowest level since the pandemic,” according to the Economic Survey that Union Finance Minister Nirmala Sitharaman submitted to the Parliament.
According to the poll, while the inflation rate of some particular food items is elevated, the headline inflation rate is generally under control.
A thorough study of the economic performance for the fiscal year 2023–24 is provided in the survey, which was prepared by the Ministry of Finance’s Economic Division and delivered by Finance Minister Nirmala Sitharaman.
In FY 25, the government anticipates that the GDP will expand by 6.5% to 7%.
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