According to government sources, inflation is probably going to drop below 6% soon. ‘We expect the inflation rate to fall below 6 per cent soon,’ sources said. The Modi government expects that the cost of key foods like edible oil will soon stabilise.
According to sources cited by Business Today Television, ‘The monsoon seems favourable, and crude and food prices will eventually come down.’ Official sources said that, officials from the Union Finance Ministry recently met with the top associations for edible oils. International edible oil prices are declining as a result of Indonesia relaxing its restriction on the export of palm oil. The sources added, ‘There is further scope for reduction in edible oil prices.’
A cryptocurrency law is in the works, according to sources in the finance ministry, following recent action by the Enforcement Directorate against cryptocurrency agencies. ‘It is important to be cautious in actions related to cryptocurrency,’ sources said.
The government increased the export tax on several steel products in the month of May. In light of rising inflation, the decision was made to encourage domestic production. Despite repeated appeals from the steel industry to remove the export duty, sources claimed that no such action was currently under discussion.
The next GST Council meeting, which will be held in Madurai during the final week of August, will then address the report that the Group of Ministers on Online Gaming is expected to present in a few days.