Inflation to average at 4.5-5pc this fiscal: Pranab

New Delhi, May 14 (PTI) Expressing concern over the
rising prices, Indian Finance Minister Pranab Mukherjee Friday
exuded confidence that average inflation during the current
fiscal will be at 4.5-5 per cent.
"Average annual inflation rate will come down
substantially...I think it would not be more than 4.5-5 per
cent," he told business channel CNBC TV18.
The inflation has crossed 10 per cent in February but
marginally declined to 9.59 per cent in April. But food
inflation is still hovering at 16-17 per cent.
The moderation in inflation, Mukherjee said, would
depend on the monsoon. "The first prediction is encouraging.
They (the Met Department) are saying it would be a normal
monsoon this year."
High food inflation, the minister said, is a matter of
concern as it affects the common man the most. The government
has already taken steps to provide subsidised food through PDS
to the vulnerable sections. "But unfortunately that mechanism
(PDS)was not very effective during the recent crisis," he
said.
On the Greece crisis, Mukherjee said no economy can
insulate itself from the impact of global developments.
"Volatility of capital flows needs to be watched. We have to
be watchful of the developments in Europe."
On the proposed direct taxes code (DTC), which will
replace the Income Tax Act from next year, Mukherjee said,
"the revised draft is more or less ready. We have taken into
account the concerns of all stakeholders." PTI JD
RBT


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