Inflation a global phenomenon due to rising oil prices: FM
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Union Finance Minister P Chidamabaram today said that inflation was a global phenomenon, resulting from rising crude oil prices.
Speaking to reporters after inaugurating the 500th branch of IDBI bank at Sivaganga, the finance minister said that India was a major importer of crude oil and 75 per cent of the nation's demand of crude oil was met from imports.
Crude oil prices have touched $135 per barrel. On measures taken to control rising inflation, Chidambaram said that the RBI had taken measures to control it.
“The government had also taken steps to control the spiralling prices of essential commodities through certain fiscal and monetary policies, the result of which would be felt after a while,” Chidambaram said.
Speaking to reporters after inaugurating the 500th branch of IDBI bank at Sivaganga, the finance minister said that India was a major importer of crude oil and 75 per cent of the nation's demand of crude oil was met from imports.
Crude oil prices have touched $135 per barrel. On measures taken to control rising inflation, Chidambaram said that the RBI had taken measures to control it.
“The government had also taken steps to control the spiralling prices of essential commodities through certain fiscal and monetary policies, the result of which would be felt after a while,” Chidambaram said.
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