India's inflation lowest under Modi govt since independence: Piyush Goyal

Piyush Goyal emphasized that the government and the Reserve Bank of India (RBI) have been actively working together to stabilize inflation

At the CNBC-TV18 Global Leadership Summit, Commerce and Industry Minister Piyush Goyal addressed the ongoing inflation issue, noting that while inflation remains over 6 percent and markets have seen recent declines, inflation levels under the Modi government have been the lowest since India’s independence. Goyal praised the government’s “audacity of action” in addressing economic challenges, citing robust interventions from both fiscal and monetary policies to maintain India’s strong economic standing.

When asked about the upcoming RBI Monetary Policy Committee meeting, Piyush Goyal expressed that the RBI should indeed consider cutting interest rates. He added that the current food inflation is unrelated to this decision.

On measures to curb inflation and boost consumption, Goyal emphasized that the government and the Reserve Bank of India (RBI) have been actively working together to stabilize inflation. India’s retail inflation hit 6.21 percent in October, an increase from 5.49 percent in September, driven largely by rising food prices, especially onions. This marks the first instance since August that inflation has breached the RBI’s 6 percent threshold.

Addressing current inflation trends, Goyal predicted a decline by December and urged investors to adopt a long-term perspective, advising against focusing solely on quarterly fluctuations.