The paper, authored by a team led by RBI Deputy Governor Michael Debabrata Patra, also underlined the need for lowering inflation to revive consumer spending and boost corporate revenues and profitability.
NEW DELHI — Congress President Mallikarjun Kharge on Saturday took a swipe at the Centre over inflation after the Reserve Bank of India (RBI) said that the public is now spending less as a result which in turn have decreased sales.
In a tweet in Hindi, Kharge said: “When the Congress says that there is inflation, then Modiji’s ministers say that ‘inflation is not visible at all’. When the public says that there is inflation, then the Modi government makes excuses for supply, weather, war.
“Now the RBI of the government itself is saying that due to the inflation, the public is spending less, due to which the sales have decreased and private investment has been badly affected. This vicious cycle is fatal for our economy. Tell me (Prime Minster) Narendra Modi, how would you respond to this RBI report? Good days equals to impossible.”
His remarks came a day after the RBI paper said that inflation is slowing down personal consumption expenditure, which in turn is moderating corporate sales and holding back private investment in capacity creation.
The paper, authored by a team led by RBI Deputy Governor Michael Debabrata Patra, also underlined the need for lowering inflation to revive consumer spending and boost corporate revenues and profitability. — IANS
