India inflation 'absolutely' under control
Retail food prices, which make up nearly half of India's inflation basket, increased 2.36 per cent in July from a year earlier.
Kolkatta - Retail inflation eases sharply since November 2013's peak of 12.17%
Indian Finance Minister Nirmala Sitharaman on Friday said inflation is completely under control and that it has not risen since 2014.
"Inflation is absolutely under control. Nobody can question our government on inflation. Inflation has not risen since 2014. It was up during 2009-14 [during the UPA-II]. The price rise was in two digits for commodities during that period," she said after an interaction with industry and tax officials here in her continuing series of meetings with stakeholders.
India's retail inflation rate eased in July, staying below the central bank's 4 per cent medium-term target for a 12th-straight month, strengthening views that there will be a policy rate cut in October.
Annual retail inflation in July was 3.15 per cent, down from an eight-month high of 3.18 per cent in June. The country is currently reeling under a slowdown, which is being debated as both cyclical and structural. There have been demands for the Reserve Bank of India to further cut rates to push growth, scale up consumption and demand. Low inflation is a key pre-requisite for RBI to cut further interest rates.
Retail food prices, which make up nearly half of India's inflation basket, increased 2.36 per cent in July from a year earlier, compared with an upwardly-revised 2.25 per cent in June. Food prices are likely to remain subdued after a pick-up in rainfall in several parts of the country, which will boost crops.
Core consumer inflation, which strips out food and fuel prices, was estimated between 4.47 per cent and 4.6 per cent in July, above 4.09 per cent to 4.11 per cent in June, according to two analysts who estimated inflation figures released this week.
Retail inflation in India has eased sharply since November 2013's peak of 12.17 per cent due to a fall in prices of food and oil, as well as sluggish domestic consumer demand.
Meanwhile, on completion of the Modi government's 100 days in its second term, the High Commission of India in Singapore is organising a two-day business summit in Singapore from Monday.
The objective of the business summit "India-Singapore: The Next Phase" is aimed at setting the agenda and momentum for the next five years, said a statement from the High Commission. The summit also aimed at expanding modernisation, access and inclusion.