• Rajnath Singh claimed that the country's economy is growing rapidly under the leadership of Prime Minister Narendra Modi.
Defense Minister Rajnath Singh on Monday said that inflation in India is low as compared to the US, UK and other countries. Rajnath Singh said, "Inflation is less in India as compared to America (US), Britain and other countries. Our economy is currently at the fifth position, which will reach the third position in the coming time."
He also claimed that the country's economy is growing rapidly under the leadership of Prime Minister Narendra Modi.
The Defense Minister was interacting with the Resident Welfare Association, members of the metropolis and citizens of the local parliamentary constituency here.
Praising the Prime Minister, he said, "PM Modi says 'Make in India' and also make for the world." Work related to construction of BrahMos missile unit in Lucknow is being done on fast track mode and ₹385 crore has been spent went." The project has been approved recently."
BrahMos manufacturing is part of India's defense export plans and the country signed a $375 million deal to export the supersonic cruise missiles to the Philippines earlier this year.
According to Singh, exports in the defense sector have increased from ₹900 crore in 2014 to ₹18,000 crore this year.
Meanwhile, the Finance Ministry on Monday said the "sizable decline" in retail inflation in October is mainly due to a decline in food price inflation and the impact of government measures to contain price rise will be felt more in the coming months. .
Consumer Price Index (CPI) based retail inflation eased from 7.41 per cent in September 2022 to 6.77 per cent in October 2022, showed data released by the National Statistical Office (NSO).
In a series of tweets, the ministry said that prices of commodities such as crude oil, iron ore and steel have eased in global markets and cost-push inflation in consumer goods has been kept under control by measures taken by the government to increase domestic supplies. Keeping up has helped.
"The sharp decline in retail inflation is mainly due to moderation in food price inflation," the ministry tweeted.
Retail food inflation eased significantly to 7.01 per cent in October 2022, lower than 8.6 per cent recorded in September 2022. Decline in prices of vegetables, fruits, pulses and oils and fats contributed significantly to moderation in food price inflation.
"Prices of commodities such as crude oil, iron ore and steel have declined in global markets. Coupled with measures taken by the government to rationalize tariff structures of key inputs to increase domestic supply, cost-driven increases in consumer goods helped in keeping inflation under control," the ministry said.
The ministry said that in order to moderate the prices of edible oils and pulses, duties on imported items have been rationalized from time to time and stock limits on edible oils have been maintained to avoid hoarding. This brought down inflation in 'Oils and Fats' and 'Pulses and Products' by (-) 2.15 per cent and 2.78 per cent, respectively.
"Furthermore, the government has taken trade related measures on wheat and rice to stabilize domestic supplies and contain price rise. The impact of these measures is expected to be felt further in the coming months," the ministry said.
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