Rate of inflation to be brought back between 6 to 7% by Nov : Tewari

JALANDHAR: Revealing that the UPA government was seriously concerned with the recent steep rise in the rate of inflation, Munish Tewari, Spokesman of AICC on Saturday claimed that the rate of inflation would be brought back in the range of six to seven per cent by November this year.

Hike in inflation was not only in India but was at global level and factors like hike in prices of crude oil, pulses and edible oil were the main reasons behind steep hike witnessed in the inflation and efforts were being made to control the same, Tewari told reporters here.

Every efforts were being made by UPA government including heavy cut on the import of edible oil and pulses to sacrifice the import duty of about Rs 30,000 crore, cut in the Current Reserve Ratio of banks and hike in the rate of interest on banking loans to curtail the supply of money, to control the rate of inflation Tewari revealed.

He said that in spite of taking such drastic steps by UPA government, no desired results were achieved due to non-cooperation by the non-congress state governments, which wanted to politicize the issue of inflation for its political mileage.

"Rights to control hoarding in the state lies with state government and it should take steps against such hoardings", he demanded.

Pointed out that price rise would be the main issue to be raised by the opposition in the coming parliamentary election, Tewari said that since the lok sabha election would be held in February or March next year, inflation would be brought under control by that time.