No spike in inflation due to rising crude prices: Modi

No spike in inflation due to rising crude prices: Modi

The rising crude prices have not resulted in a spike in inflation and the macroeconomic fundamentals of the country remain strong, Prime Minister Narendra Modi said here today.

Addressing the third annual meeting of the governors of the Asian Infrastructure Investment Bank (AIIB), Modi also said the BJP-led government is committed to fiscal consolidation.

“Our macroeconomic fundamentals are strong with stable prices, a robust external sector and a fiscal situation firmly in control. Despite rising oil prices, inflation is within the mandated range,” he said. The government is firmly committed to the path of fiscal consolidation, he said, adding the government debt as percentage of GDP is consistently declining.

“India has achieved a rating upgrade after a long wait,” Modi said, adding India has emerged as a “bright spot” in global economy, driving global growth with a USD 2.6-trillion GDP, that is expected to grow at 7.4 per cent this year. Read More

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