Retail inflation declines to 11-month low at 5.88 percent in November
Retail inflation eased to an 11-month low of 5.88 per cent in November, as against 6.77 per cent in October. The figures related to this were released by the government on Monday. Average inflation during January-September, 2022 was above the upper tolerance level of the inflation target at 6 per cent for three consecutive quarters. Average inflation was 6.3 per cent during the January-March quarter, 7.3 per cent in the April-June period and came down to 7 per cent in the September quarter. According to the data released by the government, there has been a decline of 4 percent in industrial production in October.
Earlier, the government on Monday refused to make public an RBI report explaining why the central bank could not keep inflation within the target upper limit of 6 per cent for three consecutive quarters. Minister of State for Finance Pankaj Chowdhary said in a written reply to the House, ‘Yes Sir, RBI has submitted a report to the Central Government, as per Section 45ZN of the RBI Act, 1934 and the RBI Monetary Policy Committee and Monetary Policy Procedure Regulations, Mandatory under Regulation 7 of 2016.’ He said that the report cannot be made public under the provisions of the RBI Act, 1934.
Minister of State for Finance Pankaj Chowdhary said on Monday that between April 2019 and November 2022, officials are probing GST evasion of about Rs 23,000 crore by gaming companies. In a written reply to a question in the Lok Sabha, the minister said that the Enforcement Directorate has attached assets worth over Rs 1,000 crore in several cases related to cyber and crypto asset frauds. Regarding Goods and Services Tax (GST) evasion, Choudhary said the formation of the Central Board of Indirect Taxes and Customs (CBIC) has led to investigations against certain gaming companies (including online gaming firms) based in India as well as abroad. has started. “The estimated GST evasion by these companies during the period April 2019 to November 2022 is Rs 22,936 crore,” he said.
