New Delhi, Dec 23: Finance Minister Pranab Mukherjee on Friday said inflation is expected to ease to between six and seven percent by March.
“The last weekly figure, which was released yesterday, for the first time after a long period, food inflation has come down to 1.3 percent. But this is just weekly figure, I am keeping my figures crossed, because I shall have to take into account 52 weeks and the overall annual impact,” said Mukherjee in his remarks at the inaugural speech at the Annual General Body Meeting of the PHD Chamber of Commerce here.
“Though, I am quite confident that it would not be double digit, it would be anywhere between six to seven percent by the end of March,” he added.
Mukherjee also reiterated that he expects growth for the 2011-2012 fiscal year to be 7.5 percent, with a 0.25 percent margin of error, as stated in the mid-year economic review.
“But when I am talking of seven percent plus-minus (growth rate), I am not disappointed and I would only request the captains of the industries assembled here, if we have problems, it is for us to solve the problems. Merely reiterating the distress condition is not going to help us,” he said.
The government said in a mid-year review this month that it expected the economy to grow by 7.25 to 7.75 percent in 2011-12, down sharply from an estimate of nine percent issued in February. (ANI)