Montek expects inflation to hit single digit by March next
Planning Commission deputy chairman Montek Singh Ahluwalia has said that the soaring inflation in the country is likely to cool down further with overall figure reaching a single digit mark by the end of the current fiscal.
By ET Bureau |
NEW DELHI: Planning Commission deputy chairman Montek Singh Ahluwalia has said that the soaring inflation in the country is likely to cool down further with overall figure reaching a single digit mark by the end of the current fiscal.
���There are some good signs in the global economy where commodity prices have started falling. This would definitely provide some relief in the domestic market too. I expect inflation to come down over next few months. We may end the year with single digit inflation,��� Mr Ahluwalia told reporters after releasing a book on Corporate Social Responsibility in India, written by serving bureaucrat SK Panda.
After maintaining a rising trend over last few months, inflation rate has come down marginally to 12.40% for the week ended August 16, 2008. The government took a number of measures to control price rise and such efforts are likely to continue in coming months too.
���The world economy has slowed down and this would have an impact on Indian economy too. In the first quarter, economy has grown by 7.9% and we expect growth rate to be around 8% this year. This is still a higher growth rate compared to many other economies,��� said Mr Ahluwalia.
He also said that the country could expect better agricultural growth this year. Against a projection of 2% growth by Prime Minister���s Economic Advisory Council, the planning commission deputy chairman said that agriculture would experience around 3% growth in the current financial year.
���There are some good signs in the global economy where commodity prices have started falling. This would definitely provide some relief in the domestic market too. I expect inflation to come down over next few months. We may end the year with single digit inflation,��� Mr Ahluwalia told reporters after releasing a book on Corporate Social Responsibility in India, written by serving bureaucrat SK Panda.
After maintaining a rising trend over last few months, inflation rate has come down marginally to 12.40% for the week ended August 16, 2008. The government took a number of measures to control price rise and such efforts are likely to continue in coming months too.
���The world economy has slowed down and this would have an impact on Indian economy too. In the first quarter, economy has grown by 7.9% and we expect growth rate to be around 8% this year. This is still a higher growth rate compared to many other economies,��� said Mr Ahluwalia.
He also said that the country could expect better agricultural growth this year. Against a projection of 2% growth by Prime Minister���s Economic Advisory Council, the planning commission deputy chairman said that agriculture would experience around 3% growth in the current financial year.
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