Food Inflation In India: The Finance Ministry has expressed concern over high food inflation in the country. In the six-month economic review released for the financial year 2023-24, the ministry said that the high food inflation rate in India remains a cause for concern, but in the current period, rising prices are being seen all over the world. The report said that headline inflation is gradually decreasing all over the world, but compared to India, food inflation remains higher in countries like UK, France, Germany, Italy, South Africa and Japan in the first half of the current financial year. The Finance Ministry said in its report that the GDP in the current financial year will be higher than the estimate of 6.5 percent.
The Economic Division of the Finance Ministry has released the Economic Review Report for six months of the financial year 2023-24. According to the report, the retail inflation rate declined to 5.5 percent in the first half of 2022-23 as compared to 7.2 percent in the first half, in which core inflation i.e. decline in non-food items was the main reason. But there was fluctuation in food inflation in the first half of 2023-24. Due to supply chain problems due to uneven weather, there has been a rise in the prices of some food items in July and August. But after the intervention of the government, success has been achieved in controlling it.
Ministry of Finance @FinMinIndia releases Half-Yearly Economic Review 2023-24.
For full report ➡️ https://t.co/tZfY2GMHc4
Key highlights 👇 pic.twitter.com/uOXXYh8hHK
— Ministry of Finance (@FinMinIndia) December 29, 2023
The report said that the government has made onion available to consumers at Rs 25 per kg. Onion export has been banned till March 31, 2024. To provide relief from the inflation of pulses, the government is selling Indian pulses at a cheap rate. One kg gram dal is being sold for Rs 60 per kg and 30 kg gram dal is being sold for Rs 55 per kg. While export of non-Basmati rice has been banned, 20 percent export duty has been imposed on non-Basmati white rice. The government has set stock limit on wheat so that hoarding can be stopped. So the government is selling Bharat flour at Rs 27 per kg.
The Finance Ministry said in its report that the government has banned the export of sugar so that the rise in sugar prices can be stopped. The amount of subsidy for the beneficiaries of Pradhan Mantri Ujjwala Yojana has been increased from Rs 200 to Rs 300.
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