TIL Desk/National/New Delhi-Prime Minister Narendra Modi backed a new inflation target of 4 per cent as he vowed to keep food inflation under check and ensure that the food plate of the poor does not become expensive.
Delivering his third Independence Day address from the ramparts of Red Fort, he said his government has not allowed the rate of price rise to cross 6 per cent as opposed to the double digit inflation during previous government.
“In the past government, inflation rate had crossed 10 per cent. We have not allowed inflation rate to cross 6 per cent because of the continued steps taken by us,” he said. Modi backed the 4 per cent inflation target, within a range of 2 percentage points either way, set for the next five years under the monetary policy framework agreement with the Reserve Bank of India (RBI).
“We have entered into an agreement with the RBI that it will take steps towards controlling inflation in the range of 4 per cent, plus/minus 2 per cent so that they rise above the debate and work for balancing inflation and growth,” he said.
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