{"id":206034,"date":"2021-08-17T09:22:51","date_gmt":"2021-08-17T09:22:51","guid":{"rendered":"https:\/\/www.bnreport.com\/?p=206034"},"modified":"2021-08-17T06:29:05","modified_gmt":"2021-08-17T06:29:05","slug":"indian-retail-inflation","status":"publish","type":"post","link":"https:\/\/www.bnreport.com\/en\/indian-retail-inflation\/","title":{"rendered":"Indian finance minister expects retail inflation to remain between 2-6%"},"content":{"rendered":"

Indian finance minister Nirmala Sitharaman said on Monday that she expected retail inflation to remain between 2% and 6%, which is the target set by the central bank.<\/p>\n

In July, retail inflation eased to 5.59% year-on-year after holding above 6% for two months in a row. At the time, wholesale inflation eased to 11.16% from a record high of 13.11% in May.<\/p>\n

The government has mandated RBI to keep retail inflation at 4% with a margin of 2% on either side.<\/p>\n

Indian retail inflation<\/h2>\n

Inflation in the food basket slid down to 3.96% in July from 5.15% in the previous month, according to the data released by the National Statistical Office<\/a> (NSO).<\/p>\n

Sitharaman said at conference in New Delhi that the Centre has ruled out a cut in excise duty on petrol and diesel to ease rates that have touched all-time highs. She also said that payments in lieu of past subsidised fuel price pose limitations.<\/p>\n

The previous Congress-led UPA government had issued bonds to state-owned oil companies to make up for the difference in the artificially suppressed retail selling price of fuel and the cost.<\/p>\n

These oil bonds and the interest thereon are being paid now.<\/p>\n

Sitharaman said the government has paid over\u00a0\u20b960,000 crore interest in the last five years on these oil bonds and there still was an outstanding of\u00a0\u20b91.30 lakh crore.<\/p>\n

“If I did not have the burden to service the oil bonds, I would have been in a position to reduce excise duty on fuel,” she said.<\/p>\n

Last month, the central bank reported -7.15% fall in total consolidated revenues in the Jun-21 quarter at Rs6,269cr. The revenues, however, were 8.18% higher on sequential basis compared to Mar-21 quarter as the COVID 2.0 impact was largely limited.<\/p>\n

The sharp fall in interest and investment income was also offset largely by lower interest pay-out in Jun-21 quarter.<\/p>\n

On a year-on-year basis, the retail banking revenues were higher but the revenues from treasury and from corporate banking were lower.<\/p>\n

However, other income was higher but the big positive for the bank was the sharp fall in the interest cost in line with falling rates in the market.<\/p>\n

This ensured that the spreads were maintained and the fall in revenues did not pinch.<\/p>\n","protected":false},"excerpt":{"rendered":"

Indian finance minister Nirmala Sitharaman said on Monday that she expected retail inflation to remain between 2% and 6%, which is the target set by the central bank. In July, retail inflation eased to 5.59% year-on-year after holding above 6% for two months in a row. At the time, wholesale inflation eased to 11.16% from […]<\/p>\n","protected":false},"author":4,"featured_media":206035,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[207],"tags":[278,973],"class_list":["post-206034","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-world","tag-featured","tag-india"],"yoast_head":"\nIndian finance minister expects retail inflation to remain between 2-6%<\/title>\n<meta name=\"description\" content=\"BNReport | Indian finance minister Nirmala Sitharaman said on Monday that she expected retail inflation to remain between 2% and 6%.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.bnreport.com\/en\/indian-retail-inflation\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" 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