Global fuel, commodity prices may soften going forward: NITI’s Rajiv Kumar

Stating that the Union Budget does not stoke any inflationary pressure, NITI Aayog Vice Chairman Rajiv Kumar on Tuesday said the rise in international fuel and commodity prices may not continue going forward.

Delivering a lecture through a virtual platform on the Union Budget organised by the Administrative Staff College of India (ASCI) here, he said the global slowdown is largely due to the slowdown of the two largest economies, the US and China.

“The budget is not going to be inflationary. I don’t think there is any inflationary bias to the budget. Yes, of course, there will be globally imported inflation. The IMF has said that global economy will slow down from 5.9 to 4.8 per cent.