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| Checking inflation is top priority: PM | | |
New Delhi, Feb 3: The government is committed to check the rate of inflation, which has crossed six percent, and would deploy necessary policy measures on a priority basis, Prime Minister Manmohan Singh said Saturday.
While the global environment is favourable for the growth of Indian economy, it is necessary to ease domestic constraints on growth, Manmohan Singh said at a meeting of the Economic Advisory Council (EAC) to the Prime Minister.
According to EAC chairman C. Rangarajan, inflation is a key to macro-economic challenges in the short-term and the steps taken by the government and the Reserve Bank of India (RBI) would curb inflationary expectations, an official release said.
The former RBI governor also said that though global factors and a rising demand have contributed to the soaring inflation rates, larger blame goes to supply constraints.
In its presentation before the prime minister, the EAC painted an upbeat picture of the economy and stated that per capita income growth would be more than 7 percent in 2006 and in 2007, for the first time in 15 years.
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