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Monday, December 14, 2009

Fin secy: No need for emergency action on prices

India is concerned about rising inflation, but there is not need for any emergency action at this stage, finance secretary Ashok Chawla said on Monday.

Chawla said the numbers were within the range set by the Reserve Bank of India and the government for inflation.

"So it is not as if we are taken by surprise or there is any cause for any special emergency action," Ashok Chawla.

India's wholesale prices rose a faster-than-expected 4.78 percent in November, pushed up by higher food prices and analysts see the central bank withdrawing more liquidity support in the coming weeks and raise rates early next year.

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