Economic Survey 2023-2024 tabled in Lok Sabha by Union Finance Minister Nirmala Sitharaman, which addressed an issue of inflation in Gas cylinder, petrol diesel prices.
The Economic Survey stated that the global energy price index experienced a sharp decline in FY24. At the same time, the Central Government cuts prices for LPG, petrol, and diesel. As a result, retail fuel inflation stays low in FY24. The survey provided in details about the govt’s efforts to reduce fuel prices.
Economic Survey On LPG Cylinders Price
In August 2023, the price of domestic LPG cylinders was reduced by Rs 200 per cylinder across all markets in India. Since then, LPG inflation has been in the deflationary zone, starting from September 2023.
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Economic Survey On Petrol Diesel Price
Survey added that, in March 2024, the Central Government lowered the prices of petrol and diesel by Rs 2 per litre. As a result of that, retail inflation in petrol and diesel used in vehicles also moved to the deflationary zone in March 2024.
“The ongoing efforts to construct the producer price index for goods and services may be expedited to have a greater grasp of episodes of cost-push inflation,” said the Survey authored by a team of economists led by Chief Economic Adviser V Anantha Nageswaran.
It also prescribed expeditiously revising the consumer price index with fresh weights and item baskets.
In 2023, India’s inflation rate was within its target range of 2 to 6 per cent. Compared to advanced economies like the USA, Germany, and France, India had one of the lowest deviations from its inflation target in the triennial average inflation from 2021-2023, the Survey said.
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India successfully managed to keep retail inflation at 5.4 per cent in FY24, the lowest level since the Covid-19 pandemic period.
Retail inflation in June rose to four months high of 5.1 per cent. Also, wholesale inflation stood at 3.36 per cent in the month on account of rise in prices of food articles, especially vegetables and manufactured items.
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