Finance Minister Nirmala Sitharaman speaks in the Rajya Sabha during the Winter Session of Parliament in New Delhi on December 21, 2022. Photo Credit: PTI
Finance Minister Nirmala Sitharaman on 21 December said that the government is keeping an eye on inflation which is purely “external” these days due to fuel and fertilizer prices.
Responding to the debate on supplementary grant demands in the Rajya Sabha, the minister said wholesale inflation has come down to a 21-month low.
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Later, the Rajya Sabha returned the supplementary demands for grants to the Lok Sabha, thus completing the process of authorizing the government to spend an additional ₹3.25 lakh crore in the financial year 2022-23.
retail inflation Based on the consumer price index which remained above the Reserve Bank’s tolerance level of 6% since January this year, it came down to 5.88% in November.
The minister also said that private investment capex is happening in India due to favorable policies like PLI and cited some examples. Ms. Sitharaman also emphasized that the supplementary demand for grants is essentially to provide support to food security, fertilizer requirements and the Indian economy.
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He said the jump in tax collection would help the government meet additional expenditure being sought through supplementary demands for grants for grants. Lok Sabha approved the supplementary demands for grants, authorizing the government to spend an additional Rs 3.25 lakh crore in the 2022-23 financial year.
The Finance Minister also informed the House that the gross NPAs of banks have come down to a 6-year low of 5.9% in March 2022. ,