World Economic Forum: Overall food inflation is manageable, Piyush Goyal

Speaking at the World Economic Forum in Davos, Goyal also said that India was producing enough wheat for domestic consumption

Union Minister for Commerce and Industry, Piyush Goyal on Tuesday said overall food inflation is presently manageable and the common man will not feel the pain.

Addressing the event India at 75: Strategic Outlook of the World Economic Forum (WEF) Annual Meeting 2022 in Davos, Goyal said even as challenges continue to remain on economic front, the government is conscious to move forward and is aware of what to focus on.

Goyal also said that India was producing enough wheat for domestic consumption, as some countries face shortages due to rise in prices and problems in getting grain from major producer Ukraine following Russian invasion.

"India never was a player in the wheat market, and started exporting the grain 2 years ago. We lost production due to severe heatwave this year, but we have enough to provide for the domestic consumption with slight surplus," he added.

Speaking at the same panel, Minister of Petroleum and Natural Gas, Hardeep Singh Puri said that crude oil price of $110 a barrel was not sustainable, as the world faces an energy price crisis which is contributing to rising global inflation.

"For a country which imports 85 per cent of crude and 50 per cent of gas, global prices certainly affects. But PM Narendra Modi has been responsive to the needs of the people," he added.

Earlier in the day, while referring to the challenges posed by the Covid-19 pandemic, the minister said that despite supply chains having been strained amid global challenges, we have done exceedingly well in terms of exports and other parameters.

Goyal, who has been meeting a host of global leaders here since Saturday, reiterated India's position as one of the world's most preferred investment destinations and told them about the massive scope and range of opportunities it presents to investors globally.

He said that Digital India had helped India work during pandemic-induced lockdowns, adding missions such as Swacch Bharat, Jan Dhan-Adhaar-Mobile trinity, financial inclusion, Ayushman Bharat, vaccination programmes etc. had helped prepare India for the next level of growth and engagement with the world. 

He stressed that India had taken a series of strict measures to tame inflation, keep interest rates in check and rein-in rupee depreciation so that growth and prosperity are not affected.

Referring to trade agreements recently inked with UAE and Australia, Goyal said that agreements were opening new frontiers in international trade.

The world had great confidence in India and wanted to engage with it enthusiastically, he added.