Rejecting the opposition allegation that inflation the government has not been able to rein in rising inflation, senior BJP leader and Rajya Sabha member Sushil Kumar Modi on Sunday said that India has absorbed the inflationary pressure much better than any other country in the world.
Speaking to the business community at an event of Federation of Rajasthan Trade and Industry (FORTI), the former deputy chief minister of Bihar said that high inflation was the result of the countries like the US doling out cash to their people to tide out the difficulties caused by the Covid pandemic and Russia-Ukraine war.
He said the inflation in western countries and the US is at record levels and the impact on India was not as severe despite the country depending on crude oil, edible oil, even cereals like dal.
With regard to the high petrol and diesel prices and if bringing them under GST would provide any relief, Modi said that it is not the case. “Prices of petrol and diesel will not come down even if we bring them under GST. That is not a solution,” he said. Speaking on the union budget, Modi said that it not only addresses the present realities but also the future needs. “You will see the impact of the budget 5 years down the line.” He referred to the green mobility and sustainable development measures announced in the budget.
Commenting on the tax relief given to the super rich, he said that the savings will come back to the economy in the form of investment and it will help in generating employment, which he said, has been reinforced in several Budget announcements.
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