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October inflation data in line with industry expectations: India Inc.

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New Delhi, Nov 14 (IANS) India Inc. on Tuesday said the rise in inflation numbers for October is in line with the industrys expectations owing to factors like marginal rise in demand together with increase in prices of crude oil and other commodities globally.

However, the policymakers must take corrective action to address challenges like rising interest rates, twin balance sheet and limited investment capacity besides others being faced by the industry, India Inc. maintained.

Assocham Secretary General D.S. Rawat said the rise in wholesale price index (WPI) numbers may have corresponding upward impact on consumer price index (CPI) which may limit the possibility of rate cut by the Reserve Bank of India (RBI), which has already shown concern for increase in inflation in the future.

“Some abatement in prices of pulses, potato and sugar through policy measures is very much appreciated. Similarly, the policymakers should check and address prices of products, including paddy, that are hovering at higher levels and are also of national importance,” said Rawat.

He added that continuous increase in petrol prices and that of high speed diesel due to rise in global crude oil prices must be taken care of by the policymakers since it may have an impact on the import bills and subsequent impact on exchange rates.

According to data from the Ministry of Commerce and Industry released on Tuesday, the WPI with revised base year of 2011-12 went up in October to 3.59 per cent from 2.60 per cent in September.

The CPI inflation for October rose to 3.58 per cent from 3.28 per cent reported for September, data released on Monday revealed.

Both wholesale and retail prices edged up in the month of October led by firming up of food prices, especially in the vegetables segment, said FICCI President Pankaj Patel.

“However, this is due to adverse weather conditions and the situation should ease out in the coming months,” Patel said.

“Various measures undertaken by the government to promote agriculture and agro-processing are a step in the right direction… Furthermore, agriculture market reforms with regard to APMC (Agricultural Produce Market Committee) Act and e-NAM’s (National Agriculture Market) should continue to be encouraged.”

PHD Chamber of Commerce and Industry President Anil Khaitan, in a statement, said: “Inflation is not a major worry at this juncture as the government is making lots of efforts for the smooth supply of food articles.”

“We don’t expect that the rise in inflation rate is sustainable; the average inflation should remain below 4 per cent for the current financial year.”

–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

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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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