Nirmala Sitharaman, India's finance minister, said the country's inflation is just a little bit beyond the "tolerance limit" and the government is taking action to reduce it.
We currently have inflation that is slightly above the tolerance limit but it is continually being worked upon so it can be brought down since we chose a very calibrated strategy, she said.
Due to lower food costs, India's annual retail inflation for March increased at its slowest rate in nearly 15 months and fell for the first time this year below the central bank's upper tolerance limit.
Earlier on April 6, Union Finance Minister had said the inflation has been kept at six percent or below despite adverse circumstances as a result of the Covid-19 pandemic and the Russia-Ukraine conflict. Price rise is a matter on which the Centre is very sensitive and responsive. She also had sid, the pandemic and the conflict had a bearing on the prices of commodities which India import, adding that the government has taken measures including giving subsidies.
Efforts are continually being made by the Central government to make sure the prices are brought down. That is why the Consumer Price Index has come down from 6 to 5.8 and 5.7 percent. So seasonal supply side issues add to inflation which we have to continuously monitor and continuously make efforts to bring down the price," she had said.
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