NEW DELHI: "High growth and low inflation" is the hallmark of the Prime Minister Narendra Modi-led government, the BJP said on Wednesday as official data showed retail inflation fell to a one-year low of 4.75 per cent.
Party leader Gaurav Vallabh said inflation continues to be on a downward trend, be it in clothes, food, spices or oil, and said its average rate over the years was 4.64 per cent as against 9.25 per cent during the Congress-led UPA regime. The percentage was.
"It was almost double," he said.
Taking a dig at Congress leaders Rahul Gandhi and Jairam Ramesh for criticizing inflation during the Modi government, BJP national spokesperson Syed Zafar Islam also said it was much higher during the 10-year tenure of the UPA government till 2014.
Vallabh said in a statement that food inflation during the UPA regime was also 12.1 per cent, while during the Modi government it was 3.93 per cent.
There have also been other good developments on the economic front, he said, with the Reserve Bank of India (RBI) and various global agencies upgrading their forecasts for India's GDP growth after a strong 8.2 per cent growth in the last fiscal year.
Vallabh said, the tenure of the Modi government can be summarized as an era of high growth and low inflation.
Citing the forecast of good monsoon rains, Islam said that this will further reduce retail inflation.
Retail inflation continued to decline in May due to a marginal decline in food prices and touched a one-year low of 4.75 per cent and remained within the RBI's comfort zone of below six per cent, according to government data released on Wednesday. . ,
Consumer Price Index (CPI) based retail inflation – on a declining trend since January – stood at 4.83 per cent in April 2024 and 4.31 per cent in May 2023 (previous low).
Party leader Gaurav Vallabh said inflation continues to be on a downward trend, be it in clothes, food, spices or oil, and said its average rate over the years was 4.64 per cent as against 9.25 per cent during the Congress-led UPA regime. The percentage was.
"It was almost double," he said.
Taking a dig at Congress leaders Rahul Gandhi and Jairam Ramesh for criticizing inflation during the Modi government, BJP national spokesperson Syed Zafar Islam also said it was much higher during the 10-year tenure of the UPA government till 2014.
Vallabh said in a statement that food inflation during the UPA regime was also 12.1 per cent, while during the Modi government it was 3.93 per cent.
There have also been other good developments on the economic front, he said, with the Reserve Bank of India (RBI) and various global agencies upgrading their forecasts for India's GDP growth after a strong 8.2 per cent growth in the last fiscal year.
Vallabh said, the tenure of the Modi government can be summarized as an era of high growth and low inflation.
Citing the forecast of good monsoon rains, Islam said that this will further reduce retail inflation.
Retail inflation continued to decline in May due to a marginal decline in food prices and touched a one-year low of 4.75 per cent and remained within the RBI's comfort zone of below six per cent, according to government data released on Wednesday. . ,
Consumer Price Index (CPI) based retail inflation – on a declining trend since January – stood at 4.83 per cent in April 2024 and 4.31 per cent in May 2023 (previous low).
