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India
26 Jun 2018

No spike in inflation due to rising crude-prices: PM Modi

Rising crude-prices haven't resulted in inflation spike: Modi

Addressing the third annual meeting of the Governors of Asian Infrastructure Investment Bank (AIIB) in Mumbai, Prime Minister Narendra Modi said the rising crude prices have not resulted in a spike in inflation.

"Our macroeconomic fundamentals are strong with stable prices, a robust external sector, and a fiscal situation firmly in control. Despite rising oil prices, inflation is within the mandated range," he claimed.

In context

Rising crude-prices haven't resulted in inflation spike: Modi

Global economy

India emerged as a 'bright spot' in global economy: Modi

The government is firmly committed to a path of fiscal consolidation, Modi said, adding the government debt as a percentage of GDP is consistently declining.

"India has achieved a rating upgrade after a long wait," Modi said.

India has emerged as a "bright spot" in global economy, driving global growth with a $2.6 trillion GDP expected to grow at 7.4% this year, he added.

FDI destinations

PM says India is one of the top FDI destinations

"Our foreign exchange reserves of over $400 billion provide us adequate cushion. Global confidence in India's economy is rising. India continues to be one of the top FDI destinations," Modi said.

Modi asked the AIIB to ensure that its interest rates are affordable and sustainable apart from expanding its loan book by ten times to $40 billion by 2020 and $100 billion by 2025.

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