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RBI hints at tough steps to check inflation.

Statesman (India)

| August 30, 2008 | COPYRIGHT 1999 The Statesman (English). (Hide copyright information)Copyright

Press Trust of India MUMBAI,Aug.29: RBI today warned that inflation was way beyond the tolerable limit and hinted at stringent policy measures to keep price rise under check. The immediate challenge is to bring down inflation to a tolerable level as soon as possible and maintain financial stability, the apex bank said, adding that eight per cent growth this year was realistic. Earlier in the day, government released data had put economic growth for the first quarter of this fiscal at 7.9 per cent. A realistic policy endeavour would be to bring down inflation from the prevailing level of 11-12 per cent to a level close to seven per cent by 31 March 2009, the bank said in …

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