No sacrificing growth to curb inflation: AhluwaliaMay 15th, 2008 - 12:21 am ICT by admin
New Delhi, May 14 (IANS) With India’s inflation hitting a high of over seven percent, the government is trying all means to keep the economic growth over eight percent, Planning Commission deputy chairman Montek Singh Ahluwalia said here Wednesday. “It is important to control inflation while keeping growth at eight percent. High inflation will kill the medium-term growth process,” Ahluwalia told reporters on the sidelines of an event here.
During the current fiscal, the economy is expected to grow at a rate of 8-8.5 percent, he said.
India’s wholesale inflation hit a three-and-a-half-year high due to rising oil and food imports. The inflation rate was 7.61 per cent in the week ended April 26. The government has taken a plethora of measures from accelerating supplies and banning exports of some items to ease the inflation.
“We are not sacrificing growth to control inflation… We consistently said the growth target laid by government is 8-8.5 percent. I will not be surprised if it is at the lower end of the range,” Ahluwalia said.