Finance Minister Nirmala Sitharaman said on Wednesday that economic growth in the country remains a priority for the government, as inflation has fallen to a manageable level.
Speaking at the Ideas India Summit here, she said, job creation and equitable distribution of wealth remain other areas of focus.
“Some of course (priorities) are in red letters, some may not. Of course the red letters will be jobs, a fair distribution of wealth, and making sure that India is on a path of growth.
“In this sense, inflation is not written in red letters. I hope it will not surprise many of you. We have shown that in the past two months we have been able to bring it to a manageable level,” she said at the event. .
According to official data, retail inflation eased to 6.71 percent in July due to moderation in food prices but remained above the Reserve Bank’s comfort level of 6 percent for the seventh consecutive month.
The retail inflation rate based on the CPI was 7.01 percent in June and 5.59 percent in July 2021. It was higher than 7 percent from April to June in this fiscal year.
She has expressed confidence that the Reserve Bank will manage the volatility arising from the interest rate hike stance by the US Federal Reserve and the European Central Bank.
Speaking on financial management during the COVID-19 period, she said, India with a targeted fiscal policy has managed a difficult time without printing money.
Referring to the global energy crisis caused by the ongoing Russian-Ukrainian war, she said that uncertainty over the availability of crude oil and natural gas persists.
She also urged the deepening of relations between India and the US in all aspects including payment technology.
(Except for the headline, this story has not been edited by the NDTV crew and is published from a syndicated feed.)