FM Arun Jaitley allays fears of rising food prices on poor monsoon

Finance Minister Arun Jaitley on Thursday waived off the drought scare saying that the foodgrains production will not be impacted by a poor monsoon.

The FM said that there are adequate stocks available to contain prices.

"For anyone to draw conclusions on the basis of monsoon predictions on inflation or some kind of distress situation is far-fetched. I don't foresee this kind of a situation," Jaitley said.

Geographical distribution of rainfall is more significant than sheer volume, the Finance Minister added.

He said that the indirect tax revenue has shown an impressive jump in last few months.