Centre should do something about rising petrol, diesel prices in India: NITI Aayog

Amid massive hike in petrol and diesel prices in India, the NITI Aayog Vice-Chairman Rajiv Kumar on Saturday said that the Central government should do something.

He said that the Centre should do something about rising petrol and diesel prices in India, but we need balance as well.

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"The government has the responsibility to control inflation and I hope that those who have this responsibility will balance," he added.

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Rajiv Kumar said that "Inflation was a big challenge for the government and I am proud to say that government has given free hand to RBI for inflation management." "RBI is vigilant, so I don't see any issue with inflation," he added.

Furthermore, he said that the second wave of coronavirus has scared people. As soon as people are vaccinated, this fear will go away and people will start coming out for spending, he said.

"We are expecting progress in manufacturing, and exports, Kumar added.

Even as he said that "We will revise their growth projections once our economy will start recovering. Recovery will start from June itself and will get pace from July."

RBI cuts GDP growth forecast for FY22 to 9.5 percent from 10.5 percent due to the impact of the second wave of coronavirus, which was going to impact our economy in the 1st quarter, he said.

Adding, he said that the economy will recover below than expected in the 1st quarter and that our economy will grow at a pace of 10-10.5 percent in FY22.

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-PTC News