CEA meets Modi to brief on economy

Chief Economic Adviser Arvind Subramanian met Prime Minister Narendra Modi on Friday

and briefed him on the current economic situation including the petroleum products prices which are ruling high under the current dynamic pricing system.

According to sources, the CEA also discussed the present inflationary situation in the country.

Petrol prices in the country touched their highest levels since Prime Minister Narendra Modi assumed office three years ago, official data showed on Monday.

Under the daily revision of fuel prices, petrol in Mumbai on Monday cost Rs 79.41 a litre, breaching the level it last touched in August 2014.

But Petroleum Minister Dharmendra Pradhan said on Wednesday on a day when stocks of state-run oil marketing companies (OMCs) tanked by as much as eight per cent following recent hikes in transport fuel prices that the government cannot change fuel prices on a knee-jerk basis.

A jump in food and fuel prices pushed up India's wholesale price index (WPI) inflation in August at 3.24 per cent to nearly double that of July, official data revealed on Thursday.

Also a rise in food prices pushed India's annual retail inflation higher in August, official data showed on Tuesday.

According to the data furnished by the Ministry of Statistics & Programme Implementation, August's consumer price index (CPI) inflation shot up a full one percentage point to 3.36 per cent from a rise of 2.36 per cent in July.

--IANS

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