Inflation, rupee fall can't be viewed in isolation: Shah

Union Home Minister Amit Shah on Thursday said that inflation in India and depreciation of the Rupee cannot be analysed in isolation as global cues were responsible for the phenomenon.

"(Though) this is not an excuse for inflation, we have to compare it with other nations," Shah said, speaking at the 'Sankalp Se Siddhi' event organised by the Confederation of Indian Industries and Ministry of Culture.

The inflation rate was 9.8 per cent in US, 73.5 per cent in Turkey and around 12 per cent in Brazil. Inflation is being tackled in the country, Shah said.

Commenting on the declining value of the Indian Rupee against the US dollar, Shah said that the fall in the currency value should be compared with the performance of currencies from other nations which also have seen a similar fall.

Hailing the efforts of Prime Minister Narendra Modi, Shah said India was the first country to successfully tackle the effects of the Covid pandemic due to the timely policies of the Centre. The Centre succeeded in saving MSMEs, provided free ration to around 80 crore people, apart from the Direct Benefit Transfer (DBT) of various schemes, the minister said.

"The Sarvasparsh Vikas (development that reaches all) is unprecedented in the history of the country," Shah contended, noting that there were contributions to India's growth by other governments of the past. However, before 2014, the country struggled from policy paralysis, crony capitalism and high inflation, he alleged.

Today, India is the fastest-growing economy and has attracted the highest Foreign Direct Investment, which according to Shah was due to the attempts made in the last eight years to give a direction to the nation's economy.

Union Minister for Tourism, Culture & Development of North Eastern Region G Kishan Reddy said that the government is planning to set up 100 new airports in the next five years and 100 heliports - especially to benefit the hilly North Eastern region.