Millennium Post

PC meets PM & Subbarao, discusses ` fall & inflation

With plummeting rupee, Finance Minister P Chidambaram on Monday met Prime Minister Manmohan Singh and later held discussions with reserve Bank of India RBI Governor D Subbarao who said the central bank will look into latest inflation numbers before coming out with the monetary policy review.

In his meeting with Manmohan Singh in the morning, Chidambaram is believed to have discussed the current economic situation against the backdrop of falling rupee. The rupee had earlier in the month touched an all time high of 61.21 to the dollar.

Chidambaram also briefed the Prime Minister about his recent Washington visit, where he pitched for US investments in India. There he had also met key policy makers including US Treasury Secretary Jacob Lew, besides heads of several multinational coprorations (MNCs).

Later in the day, the Finance Minister met Reserve Bank Governor Subbarao, who also had meetings with other top ministry officials.'Of course, we will take into account inflation numbers while framing the policy,' Subbarao told reporters after the meetings.

The central bank is scheduled to announce the first quarter monetary policy review on 30 July amid industry demand for reduction in interest rate to boost sagging growth.Subbarao is also believed to have discussed the declining rupee and macro economic situation with Finance Ministry functionaries.
Agencies

Agencies

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