New Delhi: Finance Minister Nirmala Sitharaman believes inflation is under control. After interaction with industry and tax officials in her continuing series of meetings with stakeholders, she said, “Inflation is completely under control, and it has not risen since 2014. Nobody can question our government on inflation. It was up during 2009-14 (during the UPA-II). The price rise was in two digits for commodities during that period.”
With falling sales and piling inventory, the year has been tough for the country’s auto industry. The slowdown has resulted in job loss of lakhs of employees in the crucial automotive sector. Recently, India’s largest biscuit maker Parle Products Pvt Ltd announced that it might lay off up to 10,000 workers if the low consumption remains continue. Parle claims after the introduction of GST, it forced to offer fewer biscuits in each pack keeping the price same as Rs 5. Following which, demand from lower-income consumers in rural India impacted, which contributes more than half of Parle’s revenue.
Amid reports of a slowdown, Sitharaman announced a slew of measures to boost the Indian economy and gave relief to the consumers and companies at large. To attract investment, the government also eased foreign direct investment (FDI) norms.
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