Government has taken several steps to reduce inflation, instructions have been given to make edible oil cheaper: Finance Minister

Finance Minister ,finance minister) Nirmala Sitharaman said on Tuesday that the government has taken several steps in the last four months at the supply side level to reduce inflation. In a written reply to a question in Rajya Sabha, he also said that the prices of key essential commodities are regularly monitored by the government and corrective action is taken from time to time. inflation (inflationMeasures taken to control ) include reduction in import duty and cess on pulses, rationalization of duties and imposition of stock limits on edible oils and oilseeds.

Instructions to reduce edible oil prices

Apart from this, he informed that the creation of buffer stock for onions and pulses, inclusion of soya cake as an essential commodity in the schedule of the Essential Commodities Act, 1955 by June 30, 2022 and stock limit on soya cake by June 30, 2022. Measures like implementation were also taken. Earlier this month, the government had asked producers to reduce retail prices of edible oils and ensure uniformity in prices across geographies amid a fall in global prices of edible oils. Sharing various measures to check inflation, he said that the central government has directed major edible oil associations to ensure a reduction of Rs 15 in the MRP (Maximum Retail Price) of edible oils with immediate effect. In addition, the government reduced the excise duty on petrol by Rs 8 per liter and on diesel by Rs 6 per liter on May 21, 2022 to curb the prices of petrol and diesel. He said that buffer stock of onions and pulses has been kept for price stabilization.

Stability in inflation rate in June

According to the recently released data, there has been a slight decrease in the retail inflation rate in the month of June and the inflation rate has come close to the level of 7 percent. If the experts are to be believed, then the effect of the government’s steps will be visible in the coming time. At the same time, the Reserve Bank also said that the inflation rate will come down from October onwards and by March the inflation rate will come close to the limit of 6 percent.