The government is considering a plan to reduce taxes applicable on petrol prices in addition to easing import tariffs on expensive items like cooking oil and wheat.
A Bloomberg News report, quoting people familiar with the matter, suggested that government officials are considering a plan to reallocate as much as Rs 1 lakh crore from the budgets of various ministries to contain surging food and fuel costs.
This report comes days after Prime Minister Narendra Modi vowed to bring down rising inflation in the country during his Independence Day address.
A decision on the fund reallocation will be taken by Prime Minister Narendra Modi in the coming weeks, and the measures could include lower taxes on fuel and easing import tariffs on cooking oil and wheat, according to the people quoted in the report.
Inflation has been a persistent problem in India since 2022, with only a few months of relief from February to June this year.
If the government goes for fresh measures to tackle inflation, it would be the second straight year when adjustments were needed to tackle inflation. It may be noted that the government spent an additional Rs 2 lakh crore last year to safeguard consumers from rising inflation.
Not just fuel prices, but households are feeling the inflation heat from all sides – be it tomatoes, other fruits and vegetables, milk, or even essential cereals like
Not just fuel prices, but households are feeling the inflation heat from all sides – be it tomatoes, other fruits and vegetables, milk, or even essential cereals like rice and wheat. All of these factors have pushed India’s retail inflation to a 15-month high of 7.4 per cent in July.
Analysts and even the Reserve Bank of India (RBI) expect inflation to remain elevated in August, following which the trajectory will depend on evolving weather conditions.
A rise in inflation could pose a major challenge for the BJP-led NDA government, which faces a number of crucial assembly elections in the run-up to the all-important general elections in 2024.
rice and wheat. All of these factors have pushed India’s retail inflation to a 15-month high of 7
Not just fuel prices, but households are feeling the inflation heat from all sides – be it tomatoes, other fruits and vegetables, milk, or even essential cereals like rice and wheat. All of these factors have pushed India’s retail inflation to a 15-month high of 7.4 per cent in July.
Analysts and even the Reserve Bank of India (RBI) expect inflation to remain elevated in August, following which the trajectory will depend on evolving weather conditions.
A rise in inflation could pose a major challenge for the BJP-led NDA government, which faces a number of crucial assembly elections in the run-up to the all-important general elections in 2024.
Not just fuel prices, but households are feeling the inflation heat from all sides – be it tomatoes, other fruits and vegetables, milk, or even essential cereals like rice and wheat. All of these factors have pushed India’s retail inflation to a 15-month high of 7.4 per cent in July.
Analysts and even the Reserve Bank of India (RBI) expect inflation to remain elevated in August, following which the trajectory will depend on evolving weather conditions.
A rise in inflation could pose a major challenge for the BJP-led NDA government, which faces a number of crucial assembly elections in the run-up to the all-important general elections in 2024.
Not just fuel prices, but households are feeling the inflation heat from all sides – be it tomatoes, other fruits and vegetables, milk, or even essential cereals like rice and wheat. All of these factors have pushed India’s retail inflation to a 15-month high of 7.4 per cent in July.
Analysts and even the Reserve Bank of India (RBI) expect inflation to remain elevated in August, following which the trajectory will depend on evolving weather conditions.
A rise in inflation could pose a major challenge for the BJP-led NDA government, which faces a number of crucial assembly elections in the run-up to the all-important general elections in 2024.
Analysts and even the Reserve Bank of India (RBI) expect inflation to remain elevated in August, following which the trajectory will depend on evolving weather conditions.
A rise in inflation could pose a major challenge for the BJP-led NDA government, which faces a number of crucial assembly elections in the run-up to the all-important general elections in 2024.