India's Prices Set to Plunge

Experts are buzzing that inflation could hit rock bottom next month in India. It's all thanks to smart tax tweaks and calmer prices across the board, making life a tad easier for millions.

Back in early September, the GST Council led by Finance Minister Nirmala Sitharaman sat down in New Delhi and rolled out cuts on hundreds of daily essentials. Starting September 22, stuff like soap, shampoo, toothpaste, hair oil, and even bicycles dropped from 12% or 18% tax to a friendly 5%.

They slashed it to zero for paneer, rotis, and UHT milk. Around 295 items got this boost, with the average tax rate dipping to about 9.5% from over 14% when GST kicked off in 2017. Food prices have been cooling too, thanks to a bumper harvest and steady global oil costs.

No wonder State Bank of India's researchers are calling it a game-changer. This isn't just numbers on a chart; it hits your wallet directly. Families in bustling Mumbai streets or quiet Kerala villages could save hundreds of rupees a month on groceries and household goods. Businesses, especially small shops and factories, get breathing room to hire or expand without passing on higher costs.

Overall, these moves could cut inflation down to 1.1% by October, the slimmest margin in two decades.

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Posted Using INLEO