At a Mumbai event, finance minister Nirmala Sitharaman said the Indian government is monitoring inflation and will not relax.
The government tracks inflation. All ground-level data is monitored. “Inflation is moderating,” she told reporters.
Food costs, which make up roughly half of India’s consumer price basket, fell to an 18-month low of 4.7% in April from 5.66% in March.
May inflation is expected to decrease toward the central bank’s medium-term target of 4%.
Retail inflation was above the central bank’s 2%-6% target for much of 2022.
Sitharaman said bank privatisations would continue as planned and that the Reserve Bank of India was within its rights to withdraw the 2000-rupee notes.
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