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Inflation under control for 4th year as government takes measures: Economic Survey
New Delhi, Jan 29 (IANS) Headline inflation measured by the Consumer Price Index (CPI) has remained under control for the fourth successive year which “has been possible due to good agricultural production coupled with regular price monitoring by the government”, the Economic Survey 2017-18 said here on Monday.
“In fact the decline in the inflation in the first half of the current fiscal year was indicative of a benign food inflation which ranged between (-) 2.1 to 1.5 per cent,” the Survey placed in Parliament by Finance Minister Arun Jaitley revealed.
According to the Survey, inflation in the country continued to moderate during 2017-18 with the CPI based headline inflation averaging 3.3 per cent during the period — the lowest in the last six financial years.
The Survey pointed out that the decline in the inflation was broad-based across major commodity groups except housing and fuel and light.
“The headline inflation has been below 4 per cent for twelve straight months, from November 2016 to October, 2017 and CPI food inflation averaged around one per cent during April-December in the current financial year,” said the Survey.
However, the rise in food inflation in recent months is mainly due to factors driving prices of vegetables and fruits, it said.
“In rural areas while food was main driver of CPI inflation during 2016-17, in urban areas housing sector has contributed the most to inflation in the current financial year,” the Survey highlighted.
State-wise inflation data during the fiscal showed that many states witnessed sharp fall in CPI inflation with 17 states’ inflation below 4 per cent.
This has been possible due to various efforts made to contain inflation at various level by the government, said the Survey.
The Survey also highlighted the measures taken by the government for controlling inflation like issuing advisories as and when required to state governments to take strict action against hoarding and black marketing for commodities in short supply, and holding regular review meetings at the highest level on price and availability situation.
“Higher MSP (minimum support price) has been announced so as to incentivise production and thereby enhance availability of food items which may help moderate prices. A scheme titled Price Stabilisation Fund (PSF) is being implemented to control price volatility of agricultural commodities like pulses and onions,” the Survey pointed out.
“The government approved enhancement in buffer stock of pulses from 1.5 lakh MT (million tonne) to 20 lakh MT to enable effective market intervention for moderation of retail prices. Accordingly, a dynamic buffer stock of pulses of upto 20 lakh tonne has been built,” it added.
In its control measures, the government imposed 20 per cent duty on export of sugar for promoting availability and moderating price rise, and permitted import of 5 lakh tonne of raw sugar at zero duty along with additional 3 lakh tonne at 25 per cent duty.
“Export of all varieties of onion will be allowed only on letter of credit subject to a minimum export price (MEWP) of $850 per MT till December 31, 2017. States/union territories have been advised to impose stock limit on onions,” the Survey added.
–IANS
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Dr. Abhishek Verma Dedicates a Shelter in Memory of His Mother, Veena Verma, at KGMU; Inaugurated by Daughter Nicolle Verma
World-renowned business tycoon Dr. Abhishek Verma has supported Foodman Vishal Singh’s Hunger-Free World mission. In memory of his mother, Late Veena Verma, who was a 3 term Rajya Sabha MP.
Dr. Verma dedicated a state-of-the-art free permanent shelter for the attendants of patients at KGMU Medical University, Lucknow, under the aegis of Vijay Shree Foundation. His daughter, Nicolle Verma, inaugurated the shelter.
During the event, Foodman Vishal Singh honored Nicolle Verma by presenting her with a memento. Mrs. Nidhi Sharma and Avantika Yadav, associated with the organization, welcomed her with garlands. Following this, Nicolle Verma distributed essential items to the attendants and also handed out fruits. She became emotional remembering her grandmother on her birth anniversary.
On this occasion, she also inaugurated the “Veena Verma Sevalaya” in memory of her grandmother, Veena Verma, to serve the attendants. She expressed, “I feel proud that my family is engaged in nation-building as well as social service. Today, in collaboration with Vijay Shree Foundation founder Foodman Vishal Singh Ji, I feel immensely proud to dedicate this shelter for the poor, helpless, and needy attendants of patients battling serious illnesses like cancer. I am honored to be associated with the Hunger-Free World Mission for humanity.”
Inspired by the continuous humanitarian service provided by Vijay Shree Foundation over the past 17 years, Nicolle Verma donated 10 lakh rupees to support the cause. The purpose of this donation is to ensure that services continue for the needy attendants of patients suffering from severe illnesses in hospitals, as facilitated by Foodman Vishal Singh.
It is noteworthy that Dr. Abhishek Verma’s family has a legacy of public and philanthropic service. They are helping millions to carry forward the values and service work of their parents. On the occasion of his mother’s birth anniversary, Dr. Abhishek Verma dedicated this state-of-the-art permanent shelter at Lucknow Medical College to serve the attendants of patients through the Vijay Shree Foundation.
Supporting Foodman Vishal Singh’s Hunger-Free World mission, Dr. Abhishek Verma assured that he would continually support keeping this flame of humanity alive. He also promised to assist in providing medicines to the helpless patients.
Continuing her grandmother’s legacy of service, Nicolle Verma personally served food to the needy patients and attendants. She said, “It is our good fortune to have received the joy of doing this noble work today through Foodman Vishal Singh. I have taken another step forward in carrying my family’s values and cooperation by joining hands with the Vijay Shree Foundation. My father taught me to serve and help the needy, and I feel happy when I bring a smile to someone’s face.”
On the birth anniversary of the late Veena Verma, the event organizer, Vijay Shree Foundation founder Foodman Vishal Singh, said, “We feel proud and happy that Dr. Abhishek Verma, a globally renowned business tycoon, has extended his support to uplift our country from the hunger index. Today, on his mother’s birth anniversary, he inaugurated a state-of-the-art permanent shelter at Lucknow Medical College, which will always be helpful for the needy attendants of patients. It is a pleasure for me and the organization to receive the affection of Mr. Verma.”
The event was attended by General Manager Verma Family Office Hemant Garg, Sonu Rajput, and the organization’s volunteers, including Sandeep Singh, Parmeshwar Ji, Prashant Rao Gautam, Balram Singh, Ramesh Chaudhary, Suman, Jeetu, Anil, Suraj, Vinay, Manish Bhadauria, Manas Mehrotra, Vivek, Apurv, Happy, and others.
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