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Modi backs new CPI target in Independence Day speech

Prime Minister Narendra Modi gave his backing to a new inflation target in a major speech on Monday, saying his government had brought down consumer price growth from double digits under the last government.


Modi backs new CPI target in Independence Day speech

New Delhi: Prime Minister Narendra Modi gave his backing to a new inflation target in a major speech on Monday, saying his government had brought down consumer price growth from double digits under the last government.

Delivering his third Independence Day address, Modi backed the 4 percent inflation target, within a range of 2 percentage points either way, that had been agreed with outgoing Reserve Bank of India Governor Raghuram Rajan.

The government formally "notified" the medium-term inflation target just before Rajan held his final policy meeting on Aug. 9. Figures last Friday showed inflation nudging over 6 percent, outside the target range.

We haven't allowed inflation to go beyond 6 per cent. There were two years of successive drought in the country. Production of pulses became a concerns, but despite all that we tried our best to control the situation and compared to previous governments, I and my government did not allow the cost of a poor man's thaali (plate) to be unaffordable.

From Zee News

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