New Delhi, Jul 25 (PTI) Finance Minister Pranab Mukherjee today said he does not have a magic lamp to bring down inflation automatically and exuded confidence that it will decline from the present level of over 10 per cent after new crops arrive in the market.
“It (inflation) is a matter of concern, no doubt. But…
there is no magic lamp through which you can bring it down or raise it… I do hope it would stabilise after good crop prospects, which is likely to happen during this kharif season,” Mukherjee told reporters after meeting with heads of regional rural banks here.
He said new crops would have a moderating impact on prices.
The Finance Minister said even though food inflation has come down to just 12 per cent from over 20 per cent in December, 2009, fuel and “certain other items” are adding to inflationary pressures.
–Agencies