Inflation no longer red-lettered; job creation, growth remain priorities: FM

STATE TIMES NEWS

New Delhi: With inflation easing from a record high, Finance Minister Nirmala Sitharaman on Wednesday said it is no longer “red-lettered” and the priority for the government now is job creation and boosting growth.
Besides, equitable distribution of wealth remains the other focus area, she said at the India Ideas Summit here.
“Some of course are red-lettered (priorities), some may not be. Red-lettered ones would of course be jobs, equitable wealth distribution and making sure India is moving on the path of growth.
“In that sense inflation is not red-lettered. I hope it doesn’t surprise many of you. We have shown that in the past couple of months that we were able to bring it to a manageable level,” she said at the event. Retail inflation touched a high of 7.79 per cent in April this year since then it is on a downward trajectory.
According to official data, retail inflation softened to 6.71 per cent in July due to moderation in food prices but remained above the Reserve Bank’s comfort level of 6 per cent for the seventh consecutive month. The Consumer Price Index-based retail inflation was at 7.01 per cent in June.
She exuded confidence that the Reserve Bank would manage the volatility emerging from the aggressive rate hike stance by the US Fed and the European Central Bank. “In spite of all challenges…we are confident that irrespective of steps central banks around the world would take to protect their economy…, we are confident that the steps that US Fed may take or ECB, RBI is fairly clued into the developments happening all around and they are confident of handling Indian monetary policy without major blips or rise and falls,” she said.