Home Business On controlling inflation, Minister Anurag Thakur said, "India is doing very well."

On controlling inflation, Minister Anurag Thakur said, “India is doing very well.”

Union Minister Anurag Thakur on Wednesday said that India has performed well as compared to other countries in terms of managing inflation.

Speaking at a media briefing announcing the hike in the Minimum Support Price (MSP) for several crops, Mr Thakur said, “If you compare it with the rest of the world, inflation is higher in countries where 30- There was no inflation for 40 years. Compared to them, India is doing very well. The world has accepted it.”

He claimed that the procurement of crops by the government has doubled since 2014. Shri Thakur said that despite increase in MSP and increase in government procurement, the government managed to keep inflation under control.

The Center has approved an increase in the MSP of Rabi crops for the 2023-24 marketing season. The MSP of wheat has been increased by Rs 110 per quintal for 2022-23 from the existing rate of Rs 2,015. The MSP of barley, gram, masoor (lentil), rapeseed and mustard and safflower has also been increased.

MSP is the rate at which the government buys food grains from farmers. At present, the government fixes the MSP for 23 crops in both Rabi and Kharif seasons.

Anurag Thakur’s remarks on inflation came just days after Finance Minister Nirmala Sitharaman defended the government’s policy and said that the rupee has outperformed other emerging market currencies.

Elaborating on the weakening of the Indian rupee, Ms Sitharaman said this was due to the strengthening of the dollar.

“I will look at it, not the depreciation of the rupee, and will see it as a continuing strengthening of the dollar,” the finance minister said in a press briefing during her US visit. Ms Sitharaman said the Reserve Bank of India (RBI) was focusing on ensuring that there is not too much volatility and does not intervene in the market to recover the value of the Indian currency.

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