Pankaj Chaudhary stated that soaring commodity prices and pandemic-induced supply-demand imbalances caused a rise in inflation rates worldwide including in India.

Several supply-side measures have been taken by the Government to address inflation

Government is monitoring price rise situation of major essential commodities on regular basis and several supply-side measures have been taken by the Government to address inflation, stated by Union Minister of State for Finance Pankaj Chaudhary in a written reply in Rajya Sabha.

The Minister stated that the Central Government on May 21, 2022 cut excise duty by Rs. 8 per litre on petrol and Rs. 6 per litre on diesel.

Further, reduction in import duties and cess on pulses, rationalisation of tariffs and imposition of stock limits on edible oils and oil seeds, maintenance of buffer stock for onion and pulses, the inclusion of soya meal as an essential commodity in the schedule of the Essential Commodities Act, 1955 up to 30th June 2022 and imposition of stock limit on soya meal up to 30th June 2022 were carried out.

The Minister stated that soaring commodity prices and pandemic-induced supply-demand imbalances caused a rise in inflation rates worldwide including in India.