'Inflation under control, domestic investments need to pick up’

 The Dollar Business Bureau Inflation, in the past one year, has been under control to a great extent and the overall inflation situation during the period has been much better than it has been in the past one decade. A statement in this regard was made by the Union Finance Minister Arun Jaitley in his address at a press conference in New Delhi on Saturday. In his address to media, the Minister was quoted to have said, “Inflation has been brought under control in the past one year, however, the global economy and agrarian situations as well as domestic investments pose challenge to the Indian economy.” While a decline in international oil and commodity prices have resulted in controlled inflation, the government’s steps to control food inflation brought down both the wholesale and retail inflation from a peak stage of 11%, he added. The Minister further pointed out that the global economic situation and domestic agrarian scenario as key challenges in the way towards achieving economic growth. Here, it is noteworthy to mention that the Minister, earlier a day, had informed that the government will increase spending in irrigation and rural infrastructure in the coming in the years. Even though we have succeeded in various areas on economic front, the domestic investments remained a challenge and there is a need to pick up domestic investment, he noted further. However, the global economic situation is beyond the government’s control, he added. Further speaking on the government’s initiatives, the Minister informed that the financial inclusion and social security schemes launched by the government have been a big success and this was evident with over 15 crore Jan Dhan accounts been opened and 7.5 crore people availing life and accidental insurance cover under the Jan Suraksha and Jeevan Jyoti schemes. Further stating that the new insurance schemes launched by the Government have been highly successful, in a forward move, the government is also keen on more than doubling the insurance coverage to 40-50% in the near-term, he added. On the whole, if India grows by 7.5%, it should never be satisfied and there is a need to aspire for more and this restlessness of people should be a pressure on who have adopted an anti-growth and anti development agenda, he added.    

May 22, 2015 | 6:38 pm IST.