Government to cut steel prices, says Kamal Nath

Union Commerce and Industry Minister Kamal Nath, has said that the government is considering steps to curb price in a bid to control inflation. Steel prices have been on the raise for the past few months, which contributed to the rising inflation in India. Earlier, The Reserve Bank of India said that it was raising the cash reserve ratio, the proportion of deposits banks must keep with it, by 50 basis points to 8 per cent to calm inflation.