Chidambaram satisfied with inflation rate

Bangalore, Apr 17: Commending the Reserve Bank of India (RBI) for containing inflation rate at 3.5 per cent, Union Finance Minister P Chidambaram today opined that the present rate of inflation was tolerable in any measure.

Talking to newspersons after inaugurating Biocon Pharmaceuticals, India's largest multi-product Biologics facility at 'Biocon Park' here, he said the inflation rate was kept well under control at the ''satisfactory level''.

Mr Chidambaram said that in terms of wholesale price index structure, the inflation rate was pegged at 3.5 per cent. He felt that there was no need to change the structure which decided the inflation rate.

Maintaining that the skyrocketing oil prices in the international market was a matter of concern, he said ''on the oil front, we are managing the situation and I think that we are doing reasonably well today.'' He said the revised estimates of revenue collections could not be done due to the State Bank of India employees striking work for a week earlier this month. There were a large number of challans to be realised.

UNI