Inflation major challenge for government, admits Prime Minister

July 15th, 2008 - 1:56 pm ICT by IANS  

A file-photo of Manmohan Singh

New Delhi, July 15 (IANS) Prime Minister Manmohan Singh Tuesday said curbing inflation and maintaining growth momentum was a major challenge for the government. In an interaction with editors here, the prime minister said his government had taken a number of measures to rein in inflation and hoped prices would moderate with time, national television reported.

“It’s not a typical inflation, it’s influenced by global factors,” Singh was reported as saying.

India’s headline inflation during the week ended June 28 touched a 13-year high of 11.89 percent, while the growth rate of industrial production decelerated to a six-year low of 3.8 percent.

In view of soaring inflation, economists have expressed doubts if India would log an eight percent growth this fiscal, compared to nine percent last year.

Tags: , , , , , , , , , , , , , ,

Posted in Business |

Subscribe