mos finance: Centre has taken several supply-side measures to address inflation, says MoS Finance

India’s Modi-led government on Monday listed out the multiple measures it had taken to curb inflation. During Lok Sabha proceedings on July 18, MoS Finance Pankaj Chaudhary said that the government was “constantly monitoring” price rise and was taking several supply side measures to keep it in check.

“The price situation of major essential commodities is monitored by the government on a regular basis and corrective action is taken from time to time. Several supply-side measures have been taken by the government to address inflation and to ensure that the poor do not have to bear the extra financial burden,” Chaudhary said in a written reply.

Measures taken by the Central government include:

• Reduction of import duties on pulses
• Imposition of stock limits on edible oils
• Buffer stocks for onions and pulses
• Including soya meal as an essential commodity

Chaudhary also highlighted the role of the government’s Pradhan Mantri Garib Kalyan Anna Yojana (PMGKAY) and the existing National Food Security Act, 2013 (NFSA) – the largest public food-security program in the world.

Started in April 2020, the PMGKY provides free food grains to people covered under the NFSA. Phase VI of the scheme is under implementation till September 2022.

“The government has taken various initiatives to drive economic growth while managing inflation and mitigating its impact on weaker sections of the society,” Chaudhary added.