Inflation likely to ease by year-end: Survey

July 9, 2014

Inflation SurveyNew Delhi, Jul 9: India's wholesale as well as retail inflation is likely to decline by the end of this year, a government survey said Wednesday.

However, it warned that prices may spike if the monsoon remains sub-normal.

The Economic Survey 2013-14 presented in parliament by Finance Minister Arun Jaitley said both the Wholesale Price Index (WPI) and the Consumer Price Index (CPI) based inflation have declined in the past two financial years and the trend is expected to continue.

"The WPI inflation is expected to moderate by the end of 2014," the survey released a day ahead of the national budget said.

However, there are risks to the outlook for inflation from a possible sub-normal monsoon during 2014-15 as predicted by the India Meteorological Department on account of the El-Nino effect, a possible step up in the pass-through of international crude oil prices and exchange rate volatility, it added.

According to the survey, the average wholesale price-based inflation fell to a three-year low of 5.98 percent in the financial year ended March 31, 2014 as against 7 percent and 9 percent posted in the previous two years respectively.

Consumer price-based inflation, though higher than the WPI, has also exhibited signs of moderation. It declined from 10.21 percent in 2012-13 to about 9.49 percent in 2013-14.

Food inflation, however, remained stubbornly high during the financial year 2013-14, reaching a peak of 11.95 percent in the third quarter.

"High inflation, particularly food inflation, was the result of structural as well as seasonal factors. Contribution of the commodity sub-groups, 'fruits and vegetables', as well as 'egg, meat and fish' to the food inflation has been very high," the survey report said.

Inflation in non-food manufactured product (WPI core) has remained benign throughout the year, with average inflation moderated to a four year low of 2.9 percent in 2013-14, which indicates that underlying pressures of broad-based inflation have somewhat eased.

The International Monetary Fund (IMF) has projected that most global commodity prices are expected to remain flat during 2014-15, which augurs well for inflation in emerging markets and developing countries including India, the report said.

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News Network
June 18,2020

New Delhi, Jun 18: Sonia Gandhi on Wednesday removed Sanjay Jha as a party spokesperson, days after he wrote a newspaper article criticising the party. She also approved the appointment of Abhishek Dutt and Sadhna Bharti as national media panelists for the Congress.

"Congress president has also approved that Sanjay Jha be dropped as AICC spokesperson with immediate effect," the party said in an official statement.

In the article published a few days ago, Mr Jha had said, "The Congress has demonstrated extraordinary lassitude, and its lackadaisical attitude towards its own political obsolescence is baffling..."

"I would like to call a spade a spade here and a shovel: there has been no serious effort to get the party up and running with any sense of urgency," he had said in the article in a national newspaper.

"There are many in the party who cannot comprehend this perceptible listlessness. For someone like me, for instance, permanently wedded to Gandhian philosophy and Nehruvian outlook that defines the Congress, it is dismaying to see its painful disintegration," he had said.

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News Network
March 5,2020

Mar 5: The Kerala government has given its nod to a proposal aimed at encouraging students aged between 18 and 25 years to take up part-time jobs while pursuing education so as to help them gain work experience and hone their skills.

The government has decided to accept the proposal as a policy decision at the Cabinet meeting held on Wednesday, an official press release said.

The aim is to ensure that in a fiscal, 90 days of work is assured for students in government departments, local body organisations, PSUs and private companies.

This will help in developing a work culture among students.

Honorariums will be given to students by the organisations employing them part-time, the release said.

Students aged between 18 and 25 years will be permitted to become part of the scheme which will help them to gain work experience and hone their skills, the release added.

In another decision, the government decided to release Rs 26 crore from the Chief Minister's disaster relief fund for providing compensation to farmers who suffered crop loss during the 2018 floods.

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News Network
January 11,2020

New Delhi, Jan 11: Islamic preacher Zakir Naik has revealed that the Bharatiya Janata Party-led government offered to drop false money-laundering charges against him and provide with a "safe passage to India" in return for his support to the government's move to revoke Article 370 of the Constitution.

In a statement issued by Naik's PR team on Saturday, the Islamic preacher said that he was approached by a representative of the Indian government in September, who offered him the said deal on Kashmir, which he refused.

"Three and a half months before, the Indian officials approached me for a private meeting with a representative of the Indian government. When he came to Putrajaya (a Malaysian city), in the fourth week of September 2019, to meet me, he said that he is coming after personally meeting and under the direct instructions of the Prime Minister of India Narendra Modi and the Home Minister of India Amit Shah," Naik said in a video statement released by his Mumbai-based PR team.

Naik, who has been living in Malaysia for the last three years, is facing charges of inciting communal disharmony and committing unlawful activities in India.

"(The representative) said that he wanted to remove the misconceptions and miscommunications between myself (Naik) and the Indian government, and wants to provide me a safe passage to India," he added. "He (the representative) said that he would like to use my connections to better the relationship between India and the other Muslim countries."

"The meeting lasted for several hours. He told me that he wanted me to support the BJP government when they revoked Article 370 in Kashmir. And I flatly refused," he added.

Naik said that after he refused the offer, he was further asked to not make public statements against the BJP or Prime Minister Narendra Modi.

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