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Speaking at the meeting of the International Monetary and Financial Committees on Saturday, Finance Minister P Chidambaram remarked that India has been able to contain inflationary expectations. Inflation soared to a high of 7.41 percent, the highest in past forty months according to the latest government estimate. The finance minister remarked that despite the headline inflation going above the tolerance level of five percent, India has been successful in containing inflationary expectations.
Mr. Chidambaram further expressed that while growth expectations have dampened, inflationary expectations have not which is a worrisome development. The finance minister told the international community that India will always remain committed to economic reforms and would continue to conduct macroeconomic policy to enable continuation of the growth momentum with stability. He also made his happiness known over the new reforms in the voting pattern of IMF, which will enable a healthy review of issues according to the finance minister.
