Excerpts
“I have to take more steps in this direction to minimise the burden of inflation on my countrymen. And we will continue to take those steps. My efforts will continue,” Modi said in his address to the nation from the ramparts of the Red Fort on Independence Day. Retail inflation surged mainly on account of food inflation, led by vegetables. The current level is much more than the targeted range of 2-6 per cent.
Citing various reasons for the rise in inflation, Modi said the world has not yet come out of the adverse impacts of the Covid-19 pandemic; and the Russia-Ukraine war has created an additional problem. “Today the world is facing the crisis of inflation. Inflation has gripped the economy of the whole world. We also import some goods from around the world. Unfortunately, we have to import at inflated prices. So, this whole world has been gripped by inflation,” he said.
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