Price stability key to recovery for India, other G20 nations

Monday, 28 June 2010, 05:56 Hrs
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Toronto: Amid concerns over sustaining the recovery through domestic consumption, the world's most influential leaders have asked their grouping, G-20, to work for price stability - a key challenge for India grappling with double digit inflation.

"Monetary policy will continue to be appropriate to achieve price stability and thereby contribute to the recovery," the declaration by G-20 leaders said yesterday after their two-day summit here.

India is battling high overall inflation which touched 10.16 in May, while food inflation is above 16 per cent. The government's chief economic adviser himself estimated that last week's decision to raise fuel prices would stoke inflation by 0.9 percentage points.

The Reserve Bank is scheduled to review monetary policy on July 27 amid expectations of rise in key policy interest rates.
Source: PTI
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