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Inflation is higher than national level in states that have not reduced fuel prices: Nirmala Sitharaman

Inflation is higher than national level in states that have not reduced fuel prices: Nirmala Sitharaman

New Delhi: The Centre alone could not control inflation and there must need a mechanism to handle it with the involvement of the states, Finance Minister Nirmala Sitharaman said.

She has also said the pivotal role of the RBI in inflation management, underlying the need for fiscal policy to work together with monetary policy in handling the inflationary surge in the economy.

The Finance Minister also said that the states where the fuel prices have not been reduced are witnessing higher inflation than the national level.

"I find inflation being higher than the national level inflation in states that have not reduced fuel prices, though there could be several reasons for the varying inflation rates in states to states," she said.

She drew the need for reducing the fuel prices when the crude prices remain higher and the burden should not be passed on to the end consumer.

"Where it was possible and how much ever it was possible, the government twice reduced the price of petrol and products," said Sitharaman.

Finance Minister said that importing Russian crude oil at the time of a global crisis was a part of the government's "inflation management".

Noting that she is not giving any forward direction to the RBI, Sitharaman said that even though the RBI has to synchronise its monetary policy with other central banks, it may not be synchronised as much as developed central banks.

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TAGS:Indian economyNirmala SitharamanFinance Ministerhigher inflation
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