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S. James

Crude factor: The Union Finance Minister, Mr P. Chidambaram, inaugurates the 500th branch of IDBI at Karaikudi on Sunday. The Tamil Nadu Minister for Hindu Religious and Charitable Endowments, Mr K.R. Periya Karuppan (middle), and the IDBI Chairman & Managing Director, Mr Yogesh Agarwal, are also seen. Mr Chidamabaram said that inflation was a global phenomenon, resulting from rising crude oil prices. He said India was a major importer of crude oil and 75 per cent of the nation’s demand of crude oil was met from imports. —

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