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Inflationary pressure on FMCG products is showing signs of cooling off, which may provide relief to consumers, ITC Chairman and Managing Director Sanjiv Puri said on Thursday.

Addressing the CII's Global Economic Policy Summit 2022, he said that currently inflation is at a "phenomenal" level, therefore in rural areas, the demand for FMCG products is muted.

However, he said that rural demand is going to improve because realisations have been better and costs are up and as a net, it is "better off".

Commenting on the policy front, Puri said that initiatives like PM GatiShakti and growing investment in the infrastructure sector are steps in the right direction and these will help in the long run.

The ITC Chairman also said that income levels need to improve and sectors like tourism and agriculture could prove to be economic multipliers.