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Nirmala Sitharaman on RBI: Finance Minister Nirnala Sitharaman has welcomed the decision of the Reserve Bank of India not to change its policy rates. The Finance Minister said that I think RBI has taken the right decision. Earlier, the Monetary Policy Committee of RBI has decided not to make any change in interest rates in the first policy meeting of FY 2023-24, while in the last FY 2022-23, six times, RBI has given 2.50 percent repo to curb inflation. Had increased the rate and increased the repo rate from 4 percent to 6.50 percent.
The Finance Minister said that despite the Russia-Ukraine war of the Corona epidemic, the government has been successful in keeping inflation below six percent. Nirmala Sitharaman said that the Central Government is very sensitive about inflation and at the same time does not lag behind in taking strict action to keep it under control.
Nirmala Sitharaman said that due to the epidemic and war, there has been a sharp jump in the prices of commodities in the international market, while India imports them. He said that to give relief to the common people, the government has announced subsidy.
Will you compare the current situation everywhere, especially after Covid and Russia and Ukraine war, the Finance Minister asked? The prices of all the things we import are skyrocketing. These items are not produced in India. And totally dependent on imports. He questioned whether this price hike is mine? While this price impresses me. And that’s why we have to help people.
The Finance Minister said that even in these adverse circumstances, the inflation rate has been kept at 6 percent or below. Many times it has gone up but we work closely with RBI and ask RBI to control it. The Finance Minister said that the government tries to subsidize crude oil and cooking gas, which are imported.
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