Modi’s attack on inflation hits middle class

Narendra Modi - India TV Money
Photo: PTI Narendra Modi

Inflation in India: Prime Minister Narendra Modi on Tuesday said from the ramparts of the Red Fort that the central government under his leadership has made all efforts to control inflation and efforts will continue in the coming days to reduce the burden on the public. Addressing the nation on the occasion of the country’s 77th Independence Day, Prime Minister Modi said that today the whole world is facing an inflationary crisis and inflation has engulfed the entire world’s economy. The world is yet to fully recover from the outbreak of the Covid pandemic. The war has created another problem. The world is suffering from the problem of inflation. Inflation has gripped the global economy.

Middle class lottery

He said that we also bring necessary goods from the world. We import goods and we also import inflation. Inflation has gripped the entire world. Modi said that India has tried its best to control inflation. Compared to previous periods we have also got some success but we are not satisfied with it. We cannot live thinking that our things are better than the world. I have to take more steps in this direction to reduce the burden of inflation on my countrymen. We will continue to take those steps, my efforts will continue. On this occasion, the Prime Minister also announced the facility for middle class people to buy houses at low interest rates. The government will provide financial assistance for this.

People are worried about inflation

Let me tell you that retail inflation has increased to 7.44% in July. Prices of mainly tomatoes and vegetables rose sharply during this period. For the first time this fiscal, retail inflation has crossed the Reserve Bank of India’s tolerance level of six percent. Consumer Price Index (CPI) inflation rose to 7.44 percent in July from 4.87 percent in June. Retail inflation in July 2022 was 6.71 percent. The government has entrusted RBI with the responsibility of keeping retail inflation in the range of 2-6 percent.

Also Read: PM Modi gave 3 guarantees to countrymen from Red Fort, country will move forward with this dream

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