Inflation will remain at same level: Pranab

Inflation remains in the range of 6-7 percent in the current fiscal year, Finance Minister Pranab Mukherjee said on Tuesday, adding a slowdown in industrial production and the general rise in prices remained major problems for economic policy makers.

"The government has made every effort to demand-and supply-related problems and I am convinced that during the current period of inflation would be some moderation to see and stay within the 6 to 7 percent range," Mukherjee said annual general meeting of the Confederation of Indian Industry (CII) in New Delhi.

The Finance Minister said a sharp slowdown in economic growth in 2011-12 was disappointing and the government expects a turnaround in the current year.
The slowdown in the growth of the economy in 2011-12 is mainly due to the slowdown in the industrial sector registered a growth of 3.9 percent in 2011-12 compared to 7.2 percent in 2010-11 and a moderate growth of 2.5 percent in the agricultural sector following a high growth rate of 7 percent in 2010-11, "he said.

Services sector recorded relatively robust growth of 9.4 percent in 2011-12.

India's gross domestic product (GDP) growth is estimated to fall to 6.9 percent in 2011-12 compared to 8.4 percent in the previous years.

In the Union budget, the Minister of Finance projected GDP growth of 7.6 percent with a range of (plus / minus 0.25 percent) for the current fiscal year.

Mukherjee said the global economic situation continued to remain volatile, and there must be willing to confront external shocks. "We must always be prepared to confront external shocks and to a real-time basis to respond."

The Finance Minister said the government was concerned about the recent slowdown in industrial production.

The industrial production growth, measured in terms of the index of industrial production (IIP), declined to 4.1 percent in February, according to official data released last week.

Cumulative growth of industrial production has fallen to 3.5 percent in April-February 2011 to 12 compared to 8.1 percent in the corresponding period the previous year.

"The delay can be attributed to both domestic and global factors. Domestic factors, namely the tightening of monetary policy, keeping inflation under control has led to delays in investment and growth in the industrial sector," he said.

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