Government unveils new strategy to tame inflation, rate could ease to 6% by year-end
The finance minister said the food supply chain is under strict watch, with special measures to protect middle-class purchasing power.
The finance minister has said the government has adopted a multi-pronged strategy to rein in inflation. Alongside trimming middlemen from the farm produce supply chain, effective steps are being taken to protect consumer rights.
According to the finance ministry, the upcoming budget will expand subsidies and the social safety-net programme to strengthen food security. There are also plans to lower lending rates to give business a push.
Analysts say inflation could fall to 6 percent by the end of the year if the supply system stays stable. Meanwhile, volatile international fuel prices remain a risk.
Meanwhile, the National Board of Revenue is fast-tracking a digital platform for imports and exports, which those involved say will cut both time and cost for traders.