Prime Minister Narendra Modi said his government is taking steps to contain inflation to lower the burden of price rise on people.
"The world is yet to fully recover from the impact of Covid pandemic. The war has created yet another problem," he said in his address to the nation on the 77th Independence Day from the ramparts of Red Fort. "The world is grappling with the problem of inflation. Inflation has gripped the global economy."
He said inflation is imported with goods and the government has taken several steps to contain it with some success. "But we cannot be satisfied (just) because our situation is better than the world. We have to take more steps to minimise the burden of price rise on our people. We will definitely take the steps. My efforts will continue," he said.
India's retail inflation spiked to 7.44% in July from 4.87% in June, primarily driven by costlier tomatoes and vegetables. The pace of rise in consumer price index breached the Reserve Bank of India's 6% upper level of 4 (+/-2)% target.
(With inputs from PTI)
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