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The Modi government hopes that the price of vegetables will begin to fall from next month with the arrival of new crops in the market. Giving this information, a finance ministry official said there is little concern over the rising price of crude oil, although it is still below $90 per barrel. The official further said that there is no plan to reduce the excise duty. The government is increasing investment in infrastructure and private sector capital investment has not yet increased.
Kharif sowing has not been affected due to lack of rain
He further said that the Centre’s capital expenditure will reach 50 per cent of the budget estimate by the end of September. At the end of the June quarter, this figure was 28 percent. The government has increased capital expenditure by 33 per cent in the 2023-24 budget to Rs. 10 lakh crores. The official further said that six per cent rainfall deficit is unlikely to affect kharif sowing as the agriculture sector is quite resilient. He said the government was taking measures to control inflation, including releasing stocks of wheat and rice, banning exports of rice, sugar and allowing imports of pulses and oilseeds.
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“Flexible trade policy has been adopted to keep prices low. We have to remember that global food prices are very high due to the Ukraine war and the supply of grains has been affected. It is a global factor,” the official told PTI. , which Indians cannot stay away from.”;
“We have taken measures to protect our people from inflation and we are in a much better position than others,” he said; He said steps have also been taken to bring down the price of tomatoes and the impact will be seen in the coming months.
“The current temporarily high inflation is partly due to vegetables. I hope vegetable prices will moderate soon, perhaps by next month,” the official said. Retail inflation hit a 15-month high of 7.44 percent in July.