Short-term inflation outlook benign, normal monsoon expected: Eco Survey

The short-term inflation outlook for India is benign, and the expectation of a normal monsoon and moderating global prices of key imported

items give credence to the projections made by the RBI and IMF, the Economic Survey said on Monday.

However, to ensure long-term policy stability, the Survey 2023-24 suggested making focused efforts to increase the production of major oilseeds, expanding the area under pulses, and assess the progress in developing modern storage facilities for specific crops.

The Economic Survey 2023-24, tabled in Parliament by Finance Minister Nirmala Sitharaman, also suggested linking of price monitoring data for essential food items collected by different departments to help monitor and quantify the build-up of prices at each stage from the farm gate to the final consumer.

"The ongoing efforts to construct the producer price index for goods and services may be expedited to have a greater grasp of episodes of cost-push inflation," said the Survey authored by a