Govt monitoring price pressures, just isn’t going to let down guard on inflation: FM Nirmala Sitharaman

Union Finance Minister Nirmala Sitharaman on Monday said that the federal authorities is monitoring price pressures, and will not let its guard down on inflation.

Speaking at an event in Mumbai, the finance minister said, “Inflation has been adequately checked. The wholesale price index is close to negative, retail inflation is already at 4.8 per cent.”

“The government is monitoring inflation. We are monitoring all data on the ground level also. Inflation is already moderating,” she suggested reporters.

India’s retail inflation in April eased to an 18-month low of 4.7 per cent in April, as in opposition to five.66 per cent in March. The fall was largely attributed to a moderation in meals prices, which accounts for virtually half of the final shopper price basket.

Talking regarding the withdrawal of Rs 2,000 notes, Sitharaman said that it was contained in the Reserve Bank of India’s (RBI’s) enterprise to take it once more.

She said that the life span of Rs 2,000 foreign exchange notes was achieved.

Sitharmanan moreover said, “Privatisation of public sector banks will go on as scheduled, no change in it.”

Commenting on the Unclaimed belongings, Sitharaman said, “This is a subject which has to be handled carefully. In the absence of nominees, it gets complicated. One has to trace the rightful legal nominee.”

“If the nominee is not mentioned in bank deposits and other deposits, legal aspects will take time. We are going to ask regulators to start a special drive to ensure nominees are mentioned in assets,” the FM added.