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“India is doing very well”, Union Minister Anurag Thakur on controlling inflation


'India is doing very well', Minister Anurag Thakur on controlling inflation

Union Minister Anurag Thakur on Wednesday said that India, compared to other countries, has done a good job of managing inflation.

Speaking at a press conference ahead of the announcement of the minimum support price (MSP) increase of some crops, Mr. Thakur said, “If you compare with the rest of the world, inflation is high in the countries with no inflation of 30-40. Compared to them, India is doing very well. The world has admitted it.”

He stated that government crop procurement has doubled since 2014. Mr. Thakur added that despite the rise in MSPs and the rise in government procurement, the government has managed to reason to control inflation.

The center has Approving Rabi crop MSP increase for the period 2023-24 marketing season. The MSP for wheat has increased by 110 yen per quintal from the current level of 2,015 yen for the period 2022-23. MSPs for barley, chickpeas, lentils (Masur), rapeseed and mustard and safflower have also been raised.

MSP is the rate at which the government purchases grain from farmers. Currently, the government fixes MSPs for 23 crops in both Rabi and Kharif . seasons

Anurag Thakur’s comments on inflation come just days after Finance Minister Nirmala Sitharaman guard government policy and say the rupee has performed much better than other emerging market currencies.

Explaining the weakening of the Indian Rupee, Ms. Sitharaman attributed this to the strengthening of the dollar.

“I will look at it, not the falling Rupee and see it as a constantly strengthening dollar,” the finance minister said during a press conference during her visit to the US. Ms. Sitharaman added that the Reserve Bank of India (RBI) is focused on making sure that there is not too much volatility and not to intervene in the market to fix the value of the Indian currency.

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