HomeBusiness"India Is Doing Very Well," Union Minister Anurag Thakur On Controlling Inflation

“India Is Doing Very Well,” Union Minister Anurag Thakur On Controlling Inflation

'India Is Doing Very Well,' Minister Anurag Thakur On Controlling Inflation

Union Minister Anurag Thakur on Wednesday said that India, in comparison to other countries, has done well when it comes to managing inflation.

Speaking at a media briefing announcing a hike in the minimum support price (MSP) of several crops, Mr Thakur said, “If you compare it to the rest of the world, inflation is high in countries where there was no inflation for 30-40 years. Compared to them, India is doing very well. The world has acknowledged it.”

He claimed that the government’s procuring of crops had doubled since 2014. Mr Thakur added that despite an increase in the MSPs and a rise in government procurement, the government managed to keep the inflation under control.

The centre has approved a hike in the MSP of Rabi crops for the 2023-24 marketing season. The MSP for wheat has been increased by ₹ 110 per quintal from the existing rate of ₹  2,015 for 2022-23. The MSP for barley, gram, lentil (Masur), rapeseed and mustard and safflower have also been hiked.

MSP is the rate at which the government procures grains from farmers. Presently, the government fixes MSPs for 23 crops in both Rabi and Kharif season

Anurag Thakur’s comments on inflation come just days after Finance Minister Nirmala Sitharaman defended the government’s policy and said that the rupee has performed much better than other emerging market currencies.

Explaining the weakening of the Indian Rupee, Ms Sitharaman said that this was due to the dollar growing stronger.

“I will look at it, not Rupee sliding and look at it as dollar strengthening incessantly,” the finance minister said at a press briefing during her US visit. Ms Sitharaman added that the Reserve Bank of India (RBI) was focused on ensuring that there isn’t too much volatility and was not intervening in the market to fix the value of the Indian currency.

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