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'Major challenge' Inflation can sustain India's growth momentum: Mukherjee

New Delhi , Sat, 06 Aug 2011 ANI

New Delhi, Aug 6(ANI): Union Finance Minister Pranab Mukherjee on Saturday said that India's major challenge in the short-term is inflation, which has implications of sustaining the growth momentum.


Addressing the National Conference of Confederation of Indian Industry (CII) here, Mukherjee said: "Inflationary pressures persist both from higher global commodity prices and domestic structural demand-supply imbalances in several commodities."


"The management of inflationary pressures in the medium term is critically dependent on an improvement in the supply response of agriculture to the expanding domestic demand and in the short-term by taking steps to moderate aggregate demand," he added.


He further said that in the past few weeks, the Central government has taken measures to address the concerns.


"The monetary policy has been gradually tightened, at the same time new initiatives were announced in the Union Budget to address some of the bottlenecks in the food supply chain that were behind the inflationary spikes in past years," the Finance Minister said.


"The monetary measure may end up moderating the growth rate, if they have to be persisted for an extended period of time," he added.


Mukherjee further said that he is hopeful that the country would be able to repeat the growth performance of 2010-11 in the current year as well.(ANI)


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