Inflation, high oil prices temporary; economy opening up: Officials

Inflation driven by high crude oil prices is a temporary phenomenon and the economy is gradually opening with both public and private investments picking up, senior government officials said on Friday.

The tourism and travel sector, which has been the worst hit, is also recovering gradually with international travel with some of the countries opening up, they added.

“At this point of time, it (inflation) is a worrying factor but I don’t think this phenomenon will stay for long,” Ministry of External Affairs Secretary for Economic Relations, Dammu Ravi said at a virtual event of the Public Affairs Forum of India (PAFI).