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Tuesday, July 15, 2008

Inflation major challenge for government: PM

Prime Minister Manmohan Singh on Tuesday said curbing inflation and maintaining growth momentum was a major challenge for the government.

In an interaction with editors in New Delhi, the prime minister said his government had taken a number of measures to rein in inflation and hoped prices would moderate with time.

“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.

1 comment:

Anonymous said...

Curbing inflation seems far from possible as Mr. Singh himself pointed out that what we are facing today is not typical; rather it is influenced by global factors. As Barclay's predicted and was reported by UTVi, inflation ma go up to 17%. Sustaining growth seems very difficult in such a scenario!

Economic Event Calendar

GMT+5:30 Event Vol. Actual Consensus Previous
Wednesday, May 07
04:15 Employment Change 3 0.1% 0.1% -0.2% Revised from -0.1%
04:15 Unemployment Rate 3 5.1% 5.3% 5.1%
04:30 AiG Construction PMI 1 -7.9 -19.3
04:30 AiG Manufacturing PMI 1 -26.5 -29.7
04:30 AiG Industry Index 2 -15.0 -22.2
12:30 Foreign Currency Reserves 1 726B
14:00 S&P Global/CIPS Construction PMI 1 46.4
16:30 MBA Mortgage Applications 1 -4.2%
20:00 EIA Crude Oil Stocks Change 1 -2.500M -2.696M
23:30 Fed Monetary Policy Statement 3
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