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RBI policy balances growth, inflation: FM

RBI policy balances growth, inflation: FM
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First Published: Tue, Apr 29 2008. 02 19 PM IST
Updated: Tue, Apr 29 2008. 02 19 PM IST
Reuters
New Delhi: The Indian central bank’s monetary policy review on Tuesday balanced the need for strong growth and calming price pressures, Finance Minister Palaniappan Chidambaram said.
The central bank tightened cash conditions for the second time in less than a month, stepping up its fight against inflation, and signalled it stood ready to act if price pressures built up.
“The Reserve Bank of India (RBI) has balanced the requirement of ensuring that growth does not suffer and inflation is contained,” Chidambaram told reporters while reacting to the review.
“It appears that the RBI has a concern to suck out excess liquidity. Trade and industry must be relieved,” he added.
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First Published: Tue, Apr 29 2008. 02 19 PM IST
More Topics: India | Economy | P Chidambaram | RBI | CRR |