Srinagar: Inflation in Jamnu and Kashmir hovered between 6.0% to 6.9 % from 2018 to 2022 in comparison to national figures of 4.0% to 6.7% during the same period.
This was revealed in Economic Survey 2022-23 which was put forth by the Directorate of Economic Statistics Planning Development & Monitoring Department, Jammu and Kashmir.
Every economy in the world has been affected due to the COVID-19 pandemic. India has also felt the effect of COVID-19 and J&K has not remained untouched. The price situation prevailing in the country has an impact on the demand and supply of commodities, which determine the level of inflation.
Both the J&K economy and the Indian economy had to pass through this impact, but due to efficient Government interventions, there was not much dent on the economy as was reported/ recorded at the Global level across various countries which crippled very badly.
The inflation in J&K was a little bit more than moderate level. GSDP figures and moderate inflation values support these facts as both Growth and inflation at national and UT levels are going hand in hand and complimenting the economy.
Inflation in J&K hovered between 6.0% to 6.9 % from 2018 to 2022 in comparison to national figures of 4.0% to 6.7% during the same period. Pertinently, during COVID year 2020, the rate of inflation in J&K was 5.8 per cent compared to 6.6 per cent at all India levels, the economic survey reads.
A month-wise comparative analysis of inflation in J&K vis-a-vis All-India during 2022 reveals that both J&K and All India are witnessing a downward trend in inflation.
In the month of January, the inflation in J&K was 6.7 per cent compared to All India’s inflation of 6.0 per cent which decreased to 5.7 per cent in the month of December 2022 for both J&K and All India. Moreover, J&K experienced lower inflation relative to India for the period from August to November 2022 indicating that inflation in J&K is steadily moving towards moderation.
A comparative analysis of inflation in J&K vis-a-vis some selected major states during 2022 reveals that the average inflation during 2022 (Jan-Dec) in J&K was lower than the inflation witnessed in Maharashtra, Madhya Pradesh and Uttar Pradesh. The rural areas in J&K witnessed the lowest inflation among the selected major states during the period.
As per the data, the inflation rate in 2018 in Jammu and Kashmir was 6.0 against the national average of 40. It was 3.8 in Jammu and Kashmir in 2019 against the India level of 4.0. In 2020, the inflation rate of Jammu and Kashmir was 5.8 against the national level of 6.6.
In 2021, Jammu and Kashmir saw an inflation rate of 6.8 against the national level of 5.1. In 2022, Jammu and Kashmir recorded an inflation rate of 6.9 against the national 6.7.
