Inflation expected to be 6-7% : Pranab Mukherjee

Indian Finance Minister Pranab Mukherjee is expecting the inflation would be 6 to 7%. If it goes below that, then the growth will be adversely affected. This range will be moderated one and this can be taken into account during formulation of policy rates by Reserve Bank of India (RBI).

Earlier the inflation was so high and the food inflation was as high as 22 %. "I had to take corrective measures as these high figures were not desirable," he said. In Feb 2012, inflation as measured on the Wholesale Price Index (WPI) rose to 6.95 %, against 6.55 % in March 2012.

Mukherjee said that the 2012-13 Budget was placed with a view of fiscal consolidation, control of inflation and bringing back India to a right route of sustainable growth.