Apart from growth and inflation, officials are also working on managing rupee and maintaining fiscal balance: Seth
Apart from growth and inflation, officials are also working on managing rupee and maintaining fiscal balance: Seth
Department of Economic Affairs Secretary Ajay Seth said on Wednesday that monetary and fiscal authorities are taking steps to contain inflation and spur growth.
His remarks come in the backdrop of a 50 basis points hike in the key interest rate by the Reserve Bank of India (RBI) with an aim to contain inflation. The central bank raised the inflation forecast to 6.7% while retaining the growth forecast for the current fiscal at 7.2%.
“There are domestic challenges and there are big challenges in the global scenario. Whatever it is for the financial and financial authorities, action is being taken. We are (working) to reduce inflation (and) as well as continue development efforts as before,” Mr. Seth told reporters.
He was replying to questions on RBI’s decision on the interest rate front.
Mr Seth said that apart from growth and inflation, officials were also working on managing the rupee and maintaining fiscal balance. He said both monetary and fiscal officials were working towards that goal.
“There can be no copybook solution. As new information emerges, they are analyzed and whatever needs to be done to meet those challenges, those measures will be taken,” he said.