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The Union Finance Minister, Mr Pranab Mukherjee, has told the G20 Finance Ministers that high and persisting international food commodities prices do not give India any room for comfort in tackling the food Inflation in the country.
In his intervention at the G20 Finance Ministers meet at Paris, Mr Mukherjee made it clear that India was not contributing to the volatility that it has been witnessing in several of the international markets including commodity markets. Mr Mukherjee also said that India did not (and does not) contribute either to the build up, or to the persistence of global imbalances.
The Finance Minister told the G20 Finance Ministers that the global recovery remains fragile, uneven and fraught with significance down side risk arising from the volatility in the exchange rates, high commodity prices, high inflation in some economy besides persistently high unemployment.
He said that this was posing difficulties in formulating medium-term fiscal consolidation plans.
Mr Mukherjee said the recent estimates point out that India will grow by 8.6 per cent in 2010-11.
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