Double-digit inflation influenced by global factors: PM (Lead)

July 15th, 2008 - 7:47 pm ICT by IANS  

A file-photo of Manmohan Singh

New Delhi, July 15 (IANS) Global factors are behind India’s current bout of inflation, Prime Minister Manmohan Singh said Tuesday, a week before his government seeks a vote of trust in parliament. In an interaction with a group of editors at his 7 Race Course Road residence, Singh admitted curbing inflation and maintaining growth momentum were major challenges for his government.

“It’s not a typical inflation, it’s influenced by global factors,” Singh was reported by television channels as having said during his interaction, which was largely focussed on the India-US nuclear deal.

Indian equity markets ended at a 15-month low Tuesday following a 654-point drop in the Sensex, the benchmark index of the Bombay Stock Exchange. Banking, capital goods, metal and power stocks were the worst hit.

The markets started on a weak note and kept going down through the day. All the sectoral indices ended the day in the red.

An official press communiqu

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