Pranab Mukherjee expects 12-13 per cent industrial growth in 2010

New Delhi, Sep 10 (ANI): Finance Minister Pranab Mukherjee on Friday pegged industrial growth to be between 12-13 per cent in the current year.

"Manufacturing sector, which generates employment is doing well. I expect average industrial growth to be between 12-13 per cent this year," said Mukherjee.

"Government and Reserve Bank of India (RBI) are watching. Let us see. We will take actions as the situation demands," he added, when asked whether RBI will further tighten monetary policy to combat inflation.

It has been reported that the RBI is expected to raise its short-term borrowing and lending rates at its September 16 mid-quarter review.

The overall inflation for the month of July was 9.97 per cent, while figures for August are expected next week.

Wholesale food inflation shot up to 11.47 per cent for the week ended August 28 due to increase in prices of cereals, fruits and milk.

Analysts attributed the rise to play of statistical base effects, as most expected food inflation to moderate in the coming months when kharif production came to the market. (ANI)