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FM confident about reining in prices, inflation

business Updated: Mar 17, 2007 20:48 IST

PTI
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Expressing confidence about checking prices and inflation, Finance Minister P Chidambaram on Saturday said inflation would be controlled step by step following a series of measures announced by the Reserve Bank of India.

Admitting that they could not control inflation in the last six weeks, he said "it is 6.1,6.3..6.05..6.4 etc... not a big rise in inflation nor steep fall. It has remained six point on an average. I agree it is there." Inflation surged to 6.46 per cent during the week ended March 3, as against 6.10 a week ago.

But similar inflation rate had been there in 2000-01 continuously for 48 weeks, and for 22 weeks it crossed seven points, he told reporters at Sivaganga about 60 km from Madurai, after reviewing the various ongoing projects in the district.

The Finance minister said apart from controlling inflation, the government had initiated steps to control prices of wheat, pulses and rice and had asked the states to fix the stock limit for the three commodities.

Unfortunately only five states had started dehoarding operations and had fixed stock limits. The others including Tamil Nadu, had not fixed stock limits, he said.

It was not possible to import pulses in a large quantity from Myanmar and Turkey as the harvest there was not good last year.