No spike in inflation due to rising crude prices: PM Modi at AIIB meet - Hindustan Times
close_game
close_game

No spike in inflation due to rising crude prices: PM Modi at AIIB meet

Press Trust of India, Mumbai | ByPress Trust of India
Jun 26, 2018 01:55 PM IST

“Our macroeconomic fundamentals are strong with stable prices, a robust external sector and a fiscal situation firmly in control. Despite rising oil prices, inflation is within the mandated range,” Prime minister Modi said.

Rising crude prices have not resulted in a spike in inflation and the macroeconomic fundamentals of the country remain strong, Prime Minister Narendra Modi said at a gathering in Mumbai.

Prime minister Narendra Modi delivers his inaugural speech for the third annual meeting Asian Infrastructure Investment Bank (AIIB) Forum.(PTI Photo)
Prime minister Narendra Modi delivers his inaugural speech for the third annual meeting Asian Infrastructure Investment Bank (AIIB) Forum.(PTI Photo)

Addressing the third annual meeting of the governors of the Asian Infrastructure Investment Bank (AIIB), Modi also said the BJP-led government is committed to fiscal consolidation.

Hindustan Times - your fastest source for breaking news! Read now.

“Our macroeconomic fundamentals are strong with stable prices, a robust external sector and a fiscal situation firmly in control. Despite rising oil prices, inflation is within the mandated range,” he said.

The government is firmly committed to the path of fiscal consolidation, he said, adding the government debt as percentage of GDP is consistently declining.

“The external sector remains robust. Our foreign exchange reserves of over $400 billion provide us adequate cushion. Global confidence in India’s economy is rising. Total FDI flows have increased steadily and India continues to be one of the top FDI destinations,” he said.

Modi also asked the AIIB to ensure that its interest rates are affordable and sustainable apart from expanding its loan book by ten times to $40 billion by 2020 and $100 billion by 2025.

Unlock a world of Benefits with HT! From insightful newsletters to real-time news alerts and a personalized news feed – it's all here, just a click away!- Login Now!
Stay informed on Business News along with Gold Rates Today, India News and other related updates on Hindustan Times Website and APPs
SHARE THIS ARTICLE ON
Share this article
SHARE
Story Saved
Live Score
OPEN APP
Saved Articles
Following
My Reads
Sign out
New Delhi 0C
Thursday, March 28, 2024
Start 14 Days Free Trial Subscribe Now
Follow Us On