Inflation in India is slightly above the "tolerance limit", and the government is taking steps to control it, Finance Minister Nirmala Sitharaman said on Saturday.

"Because we took a very calibrated approach, today we have an inflation which is slightly above the tolerance limit, but which is constantly being worked at so it can be brought down," she said.

India's annual retail inflation for March rose at the slowest pace in nearly 15 months and was below the central bank's upper tolerance level for the first time this year, on the back of softer food prices.

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