In July, there was a sharp decline in the year-on-year inflation rate based on the All India Consumer Price Index (CPI), which is the lowest in the last 59 months.
The 476-page Economic Survey emphasises that India's economy has consolidated its post-Covid recovery and that the policymakers have played an important role in guaranteeing economic and financial stability.
The petroleum dealers were protesting against the government's decision to impose a 0.5 per cent advance turnover tax which, they say, would result in an additional tax burden of Pakistani Rupees (PKR) 1 million per pump.
Apart from a decrease in retail inflation, the industrial output rose to a four-month high marking further signs of buoyancy towards the end of the fiscal year (FY) 2023-24.
Core inflation has eased to a sub-4 percent level which has happened for the first time in the post-pandemic period. It has declined to 3.89 percent in December from 4.1 percent in November.
Earlier, the Pakistani government refused to grant PKR 23 billion in support for operational expenses to PIA, despite requests by their national airline.