-Newsclick.in The economy faces stagflation. The steps announced by the government are a start. More needs to be done to eliminate supply bottlenecks without curtailing demand. The Government, worried about the inflation rapidly inching up month after month, has finally become pro-active. The steps announced are designed to lower the prices of basics like diesel, steel, cement and plastics. Wholesale Price Index (‘WPI’) has risen at more than ten per cent for...
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Why is your tadka getting more & more expensive? Blame India’s reliance on edible oil imports -Nikhil Rampal
-ThePrint.in Indians spending 14% more on edible oil compared to last year. Experts expect a cooldown if no shocks prevail, government says ‘situation under control’. New Delhi: A bottle of cooking oil is a constant in every Indian kitchen, but its price is not. According to data sourced from the Department of Consumer Affairs, by 16 May, consumers in the country were spending an average of 14 per cent more, or an extra...
More »Central excise duty on petrol and diesel cut, says FM Nirmala Sitharaman -Vikas Dhoot
-The Hindu The measures included a ₹8 reduction in central excise duty per litre of petrol and a ₹6 cut in the duty on diesel. Finance Minister Nirmala Sitharaman unveiled a slew of measures to rein in runaway inflation on Saturday evening, including duty cuts on petroleum products, a ₹200 subsidy on LPG cylinders for the poor and a rejig of import duties on plastic and steel products. A reduction in central excise...
More »Inflation Spiral is Hitting the Working Poor the Hardest -Sanjay Roy
-IPA News Service/Newsclick.in Time is ripe to do away with every central cess on petroleum products and reject the government’s narrative that the poor are hurt less by higher prices than the rich. The country is in the grip of an inflationary spiral resulting in a galloping price rise of all essential goods used by people. This crushing price burden is making life exceedingly difficult for the rural and urban poor. The retail...
More »India poised to grow at 6.4%, still fastest-growing major economy: UN report
-PTI/ The Telegraph 'In the backdrop of Ukraine war, global inflation projected to increase to 6.7% in 2022 with sharp rises in food and energy prices' As the Ukraine conflict impacts the global GDP, India is projected to grow by 6.4 per cent in 2022, slower than the last year's 8.8 per cent but still the fastest-growing major economy, with higher inflationary pressures and uneven recovery of the labour market curbing private...
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