India govt will not let down guard on inflation, says finance minister

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Mumbai (Reuters) – The Indian government is monitoring price pressures and will not let the guard down on inflation, finance minister Nirmala Sitharaman said at an event in Mumbai.

“The government is monitoring inflation. We are monitoring all data on ground level also. Inflation is already moderating,” she told reporters.

India’s consumer price inflation (CPI) eased to an 18-month low of 4.7% in April, from 5.66% in the previous month, largely due to a moderation in food prices, which accounts for nearly half of the overall consumer price basket.

Economists expect inflation to fall further towards 4% levels – the medium-term target of the central bank – in May.

The central bank is mandated to keep retail inflation between 2%-6% on a regular basis but it stayed above the upper-end of the band through most of 2022.

Bank privatisations will continue as per the government’s schedule, Sitharaman said, adding that the Reserve Bank of India was well within its rights in withdrawing the 2000-rupee notes from circulation.

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