The national government will take steps to further reduce inflation, which has fallen below the Reserve Bank of India’s upper tolerance level of 6%, Finance Minister Nirmala Sitharaman informed the Lok Sabha on Wednesday. From 6.77% in October to 5.8% in November, retail inflation slowed to an 11-month low.
The finance minister responded to a debate in the Lok Sabha over the first batch of Supplementary Demands for Grants 2022–23 by saying, “We will reduce [it] down more for the welfare of the ordinary people.” Later, the Supplementary Demands for Grants were approved by the House, allowing the government to spend an additional 3.25 lakh crore during the fiscal year 2022–2023.
According to her, the government is always keeping an eye on the price situation for necessities. It was made plain by Ms. Sitharaman that there was no need to worry about stagflation because India had one of the fastest-growing economies and low inflation rates.