December 02, 2008

Inflation is imported phenomenon – Mr Chidambaram

Mr P Chidambaram union finance minister, while addressing a development seminar called “Kannur Vision 2020”, said that the rise in prices being experienced by India now is an imported phenomenon.

Pointing out that investment is the key to growth Mr Chidambaram said that it should come from the savings of the people. He added that "We also should tap the savings of other countries as well."

Addressing the function, he said that rise in prices of steel and cement now is the result of a serious mismanagement of the demand supply position.