<p>The urgent necessity for close international cooperation in solving the inflation problem, which is becoming more and more of a global concern, has been stressed by Prime Minister Narendra Modi. In a news conference, Prime Minister Modi recognized the seriousness of inflation as an urgent issue, especially in view of the shifting global environment brought on by the COVID-19 epidemic and the war between the Ukraine and Russia.<img decoding=”async” class=”alignnone wp-image-163357″ src=”https://www.theindiaprint.com/wp-content/uploads/2023/09/theindiaprint.com-pm-modi-requests-international-collaboration-to-combat-inflation-download-2023-09-.jpg” alt=”theindiaprint.com pm modi requests international collaboration to combat inflation download 2023 09″ width=”1241″ height=”757″ srcset=”https://www.theindiaprint.com/wp-content/uploads/2023/09/theindiaprint.com-pm-modi-requests-international-collaboration-to-combat-inflation-download-2023-09-.jpg 287w, https://www.theindiaprint.com/wp-content/uploads/2023/09/theindiaprint.com-pm-modi-requests-international-collaboration-to-combat-inflation-download-2023-09–150×91.jpg 150w” sizes=”(max-width: 1241px) 100vw, 1241px” title=”PM Modi Requests International Collaboration to Combat Inflation 3″></p>
<p>PM Modi spoke vehemently in favor of international cooperation in the creation of successful inflation management plans. He emphasized that the requirement of ensuring that the measures adopted by countries to fight inflation do not have negative consequences on other countries was unanimously agreed with at the most recent G20 conference of finance ministers and central bank governors. Furthermore, timely and open communication of central banks’ policy orientations is widely acknowledged to play a crucial part in this effort, PM Modi added.</p>
<p>Prime Minister Modi acknowledged that his administration has taken various aggressive steps to limit price increases in relation to India’s own inflation rate. According to the Prime Minister, India maintained an inflation rate in 2022 that was two percentage points lower than the average for the world despite the difficulties created by the current state of the world economy.</p>
<p>According to statistics from the federal government, the All India Wholesale Price Index (WPI), which measures annual inflation in India, was (-) 1.36 percent (Provisional) in July 2023 as opposed to (-) 4.12 percent in June 2023.</p>
<p>Shaktikanta Das, governor of the Reserve Bank of India, has repeatedly reaffirmed the commitment of the government’s main lending institution to reduce inflation below 4%. Governor Das emphasized the need of being always alert to dangers, especially in light of the fact that frequent global supply shocks may have a considerable impact on managing the pricing situation.</p>
<p>While central banks in advanced economies aggressively raised interest rates in 2022 following a protracted period of near-zero policy rates, which caused stress in some banks, Governor Das noted during a lecture at the Delhi School of Economics: “Our fight against inflation is not constrained by financial stability concerns. In fact, we continued to take steps to support financial stability even throughout the COVID-19 outbreak.</p>
<p>With a 2 percent cushion on each side, the Indian government has set a goal for the RBI to keep inflation at 4%.</p>
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PM Modi Requests International Collaboration to Combat Inflation
