India’s retail inflation still over 6 per cent: NSO data
Besides the official data, the inflation rate for fuel and light was at 12.68 per cent.
Besides the official data, the inflation rate for fuel and light was at 12.68 per cent.
As per the National Statistical Office, Gross Value Added (GVA) came in at -22.8 per cent.
Interestingly, as per the data furnished by the National Statistical Office (NSO), the revised second quarter GDP growth rate stood at 5.1 per cent from the earlier 4.5 per cent.
The overall inflation in food, as reflected in the Consumer Food Price Index (CFPI) rose to 14.12 per cent in December 2019 as against 10.01 per cent in November and -2.65 in December 2018, according to data released by the National Statistical Office (NSO) on Monday.
It is to be noted that the government had recently said that the growth in real gross domestic product (GDP) during 2019-20 was estimated at 5 per cent as compared to the growth rate of 6.8 per cent in 2018-19.
“Real GDP or GDP at Constant Prices (2011-12) in the year 2019-20 is likely to attain a level of Rs 147.79 lakh crore, as against the Provisional Estimate of GDP for the year 2018-19 of Rs140.78 lakh crore, released on 31 May, 2019,” an official communique said.
The present trend of increasing tax revenues to fund money-guzzling social sector schemes (Rs 12 lakh crore in the last budget) must also stop. Instead of a policy of maximising tax collection, we should go in for a rational and comprehensive taxation policy designed to prevent concentration of wealth and straightening out the glaring inequalities in our society, which would entail reducing GST and bringing back taxes on wealth, inheritance and gifts.
Rather than fixing a high MSP, helping farmers in marketing, choosing the correct crops to grow and improving village connectivity would work wonders. Incentives for pooling of land, creating awareness about improved agricultural practices, integration of farmers into markets, better access to credit and agricultural inputs, rural roads, better marketing and storage facilities are some of the measures that have to be taken urgently.
