With inflation touching a
five-month high, the Reserve Bank today said its efforts would be
focused on containing any spurt in prices and keeping a close eye on
developments in Iraq, which have already jacked up oil prices. Governor
Raghuram Rajan also said India has enough foreign exchange reserves and
is better prepared to deal with any fallout on the external front.
"(As in) last few months and, I expect, the next few quarters, (RBI)
will be primarily engaged in combating inflation," he told reporters on
the sidelines of an SBI event here. He said: "We are watching the
inflation situation. Food prices have had an effect in the last couple
of months." The Governor hoped food prices would come down with
appropriate food management by the government. "But both the government
and the RBI are watching and have to be vigilant in this," Rajan said.
Headline inflation accelerated to a five-month high of 6.01 per cent in
May from 5.2 per cent in the previous month, driven by high food and
fuel inflation. On the Iraq crisis, where infighting has affected
global crude oil prices and the rupee, Rajan said India is better
prepared to deal with any fallout. "As far as the external front goes,
we are in much better position than we were last year. We have
sufficient reserves. The CAD is low. And I think one should not worry
too much on external environment front," Rajan said. He said that since
oil resources are in the south of Iraq, infighting has not directly
affected the oil business. "The issue in Iraq is still an area of
uncertainty. It is an issue that we are watching, and of course all
should be concerned with the fighting in Iraq," he added. He said that
with the narrowing of the current account deficit (CAD) and strong forex
reserves, the country's external situation remains less worrisome. The
Iraq crisis has erupted when the new government is gearing up to
formulate its first Budget amid a slowing economy and high inflation,
particularly in the food segment.
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