{"id":184675,"date":"2023-08-28T05:26:41","date_gmt":"2023-08-28T05:26:41","guid":{"rendered":"https:\/\/indiansapidnews.com\/?p=184675"},"modified":"2023-08-28T05:26:41","modified_gmt":"2023-08-28T05:26:41","slug":"inflation-will-reduce-in-next-three-months","status":"publish","type":"post","link":"https:\/\/indiansapidnews.com\/india\/inflation-will-reduce-in-next-three-months\/","title":{"rendered":"‘Inflation will reduce in next three months’"},"content":{"rendered":"

The central government will take a medium-term view while intensifying efforts to reduce the inflationary burden, and will avoid any knee-jerk reaction to transitory price rises, Finance Secretary T V Somanathan told Business Standard<\/em> in New Delhi.<\/p>\n

“The government has taken a number of measures for inflation control. They are ongoing and will be intensified. But I would also say that these decisions have to be taken with a medium-term view, and not necessarily based on one-two weeks\/months figures, as they may have an impact on trade policies and have consequences over a longer period. So they have to be taken carefully,” Somanathan said.<\/p>\n

India’s retail inflation hit a 15-month high of 7.44 per cent in July, breaching the Reserve Bank of India’s upper tolerance level of 6 per cent for the first time in five months.<\/p>\n

Citing measures taken by the government to cool down inflation, Somanathan, the senior-most bureaucrat in the finance ministry, said: “We are engaging in substantial open market sales of both wheat and rice to control food inflation; special measures of market intervention in vegetables, pulses and oil seeds were also taken to cushion the impact.”<\/p>\n

“Some steps are beginning to take effect while some will continue to take effect,” Somanathan added.<\/p>\n

The high inflation rate in July was driven by a spurt in prices of vegetables, led by tomatoes.<\/p>\n

Vegetable prices shot up 37.3 per cent annually during the month, while pulses, cereals, and spices witnessed double-digit inflation rates.<\/p>\n

The finance secretary said the surge in prices was a temporary seasonal phenomenon which would recede soon.<\/p>\n

“I think inflation will be reduced in the next three months. So I would not advocate taking policy action based on the one elevated figure of this month,” he added.<\/p>\n

Somanathan said there were distinctly identifiable seasonal factors which had elevated the inflation rate, and those commodities which were undergoing a very rapid price increase and a big role to play in inflation were bound to abate when crops came in.<\/p>\n

Prime Minister Narendra D Modi in his Independence Day speech promised to take more measures to minimise the burden of inflation on households.<\/p>\n

On global slowdown and whether it poses risk to Indian exports, Somanathan said: “It will impart a certain downward push to our growth but I think we can overcome that through sustained domestic economy.”<\/p>\n

Trade data released by the commerce ministry on showed merchandise exports contracted for the sixth consecutive month in July, by 15.9 per cent Y-o-Y to $32.25 billion amid tepid global demand.<\/p>\n

“If major economies which are buyers of Indian imports undergo slowdown, it will have an impact on India exports, and that’s inevitable. However, India is not a very export-dependent economy in comparison to many other nations. So the effect on Indian economies will be relatively less than other economies,” Somanathan added.<\/p>\n

On the growth rate of industrial production easing to 3.7 per cent in June, Somanathan said it’s transitory in nature and not worrisome.<\/p>\n

On overall revenue collection — both direct and indirect taxes — Somanathan said it looked okay so far.<\/p>\n

Feature Presentation: Aslam Hunani\/Rediff.com<\/em><\/strong><\/p>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The central government will take a medium-term view while intensifying efforts to reduce the inflationary burden, and will avoid any knee-jerk reaction to transitory price rises, Finance Secretary T V Somanathan told Business Standard in New Delhi. “The government has…<\/p>\n","protected":false},"author":2,"featured_media":184674,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"\n'Inflation will reduce in next three months' - Indiansapidnews.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/indiansapidnews.com\/india\/inflation-will-reduce-in-next-three-months\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"'Inflation will reduce in next three months' - Indiansapidnews.com\" \/>\n<meta property=\"og:description\" content=\"The central government will take a medium-term view while intensifying efforts to reduce the inflationary burden, and will avoid any knee-jerk reaction to transitory price rises, Finance Secretary T V Somanathan told Business Standard in New Delhi. “The government has...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/indiansapidnews.com\/india\/inflation-will-reduce-in-next-three-months\/\" \/>\n<meta property=\"og:site_name\" content=\"Indiansapidnews.com\" \/>\n<meta property=\"article:published_time\" content=\"2023-08-28T05:26:41+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/indiansapidnews.com\/wp-content\/uploads\/2023\/08\/Inflation-will-reduce-in-next-three-months.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/indiansapidnews.com\/india\/inflation-will-reduce-in-next-three-months\/\",\"url\":\"https:\/\/indiansapidnews.com\/india\/inflation-will-reduce-in-next-three-months\/\",\"name\":\"'Inflation will reduce in next three months' - Indiansapidnews.com\",\"isPartOf\":{\"@id\":\"https:\/\/indiansapidnews.com\/#website\"},\"datePublished\":\"2023-08-28T05:26:41+00:00\",\"dateModified\":\"2023-08-28T05:26:41+00:00\",\"author\":{\"@id\":\"https:\/\/indiansapidnews.com\/#\/schema\/person\/74db1979fe71b5ea01513ec1ce5bc609\"},\"breadcrumb\":{\"@id\":\"https:\/\/indiansapidnews.com\/india\/inflation-will-reduce-in-next-three-months\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/indiansapidnews.com\/india\/inflation-will-reduce-in-next-three-months\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/indiansapidnews.com\/india\/inflation-will-reduce-in-next-three-months\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/indiansapidnews.com\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"India\",\"item\":\"https:\/\/indiansapidnews.com\/category\/india\/\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"‘Inflation will reduce in next three months’\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/indiansapidnews.com\/#website\",\"url\":\"https:\/\/indiansapidnews.com\/\",\"name\":\"Indiansapidnews.com\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/indiansapidnews.com\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/indiansapidnews.com\/#\/schema\/person\/74db1979fe71b5ea01513ec1ce5bc609\",\"name\":\"mediabest\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/indiansapidnews.com\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/secure.gravatar.com\/avatar\/d7cef2e0d8d634cb49d54f7c48b549a1?s=96&d=mm&r=g\",\"contentUrl\":\"https:\/\/secure.gravatar.com\/avatar\/d7cef2e0d8d634cb49d54f7c48b549a1?s=96&d=mm&r=g\",\"caption\":\"mediabest\"}}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"'Inflation will reduce in next three months' - Indiansapidnews.com","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/indiansapidnews.com\/india\/inflation-will-reduce-in-next-three-months\/","og_locale":"en_US","og_type":"article","og_title":"'Inflation will reduce in next three months' - Indiansapidnews.com","og_description":"The central government will take a medium-term view while intensifying efforts to reduce the inflationary burden, and will avoid any knee-jerk reaction to transitory price rises, Finance Secretary T V Somanathan told Business Standard in New Delhi. “The government has...","og_url":"https:\/\/indiansapidnews.com\/india\/inflation-will-reduce-in-next-three-months\/","og_site_name":"Indiansapidnews.com","article_published_time":"2023-08-28T05:26:41+00:00","author":"mediabest","twitter_card":"summary_large_image","twitter_image":"https:\/\/indiansapidnews.com\/wp-content\/uploads\/2023\/08\/Inflation-will-reduce-in-next-three-months.jpg","twitter_misc":{"Written by":"mediabest","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/indiansapidnews.com\/india\/inflation-will-reduce-in-next-three-months\/","url":"https:\/\/indiansapidnews.com\/india\/inflation-will-reduce-in-next-three-months\/","name":"'Inflation will reduce in next three months' - Indiansapidnews.com","isPartOf":{"@id":"https:\/\/indiansapidnews.com\/#website"},"datePublished":"2023-08-28T05:26:41+00:00","dateModified":"2023-08-28T05:26:41+00:00","author":{"@id":"https:\/\/indiansapidnews.com\/#\/schema\/person\/74db1979fe71b5ea01513ec1ce5bc609"},"breadcrumb":{"@id":"https:\/\/indiansapidnews.com\/india\/inflation-will-reduce-in-next-three-months\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/indiansapidnews.com\/india\/inflation-will-reduce-in-next-three-months\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/indiansapidnews.com\/india\/inflation-will-reduce-in-next-three-months\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/indiansapidnews.com\/"},{"@type":"ListItem","position":2,"name":"India","item":"https:\/\/indiansapidnews.com\/category\/india\/"},{"@type":"ListItem","position":3,"name":"‘Inflation will reduce in next three months’"}]},{"@type":"WebSite","@id":"https:\/\/indiansapidnews.com\/#website","url":"https:\/\/indiansapidnews.com\/","name":"Indiansapidnews.com","description":"","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/indiansapidnews.com\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/indiansapidnews.com\/#\/schema\/person\/74db1979fe71b5ea01513ec1ce5bc609","name":"mediabest","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/indiansapidnews.com\/#\/schema\/person\/image\/","url":"https:\/\/secure.gravatar.com\/avatar\/d7cef2e0d8d634cb49d54f7c48b549a1?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/d7cef2e0d8d634cb49d54f7c48b549a1?s=96&d=mm&r=g","caption":"mediabest"}}]}},"_links":{"self":[{"href":"https:\/\/indiansapidnews.com\/wp-json\/wp\/v2\/posts\/184675"}],"collection":[{"href":"https:\/\/indiansapidnews.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/indiansapidnews.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/indiansapidnews.com\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/indiansapidnews.com\/wp-json\/wp\/v2\/comments?post=184675"}],"version-history":[{"count":0,"href":"https:\/\/indiansapidnews.com\/wp-json\/wp\/v2\/posts\/184675\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/indiansapidnews.com\/wp-json\/wp\/v2\/media\/184674"}],"wp:attachment":[{"href":"https:\/\/indiansapidnews.com\/wp-json\/wp\/v2\/media?parent=184675"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/indiansapidnews.com\/wp-json\/wp\/v2\/categories?post=184675"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/indiansapidnews.com\/wp-json\/wp\/v2\/tags?post=184675"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}