Deputy Chairperson of the Planning Commission Montek Singh Ahluwalia has said that the government is quite hopeful that the inflation rate will come down to the single digits by March next year. He also said that the government is not keen to take excessive harsh measures to rein in the problem as it will have a harmful impact on the economy.

Speaking to media persons, Ahluwalia said, “Inflation is not something which we can bring under control immediately. Fortunately, the tendency of constant increase (inflation) has disappeared.”

Ahluwalia is accompanying the Prime Minister Manmohan Singh, on his visit to USA and France.

The inflation rate in the country is hovering around 12 percent. As the Lok Sabha elections are coming closer day by day, the opposition parties are targeting the government for not being able to control the rising prices.

Ahluwalia asserted that the fall in the oil prices is a good sign for the Indian economy.
 
However, he maintained that the Indian economy can’t escape totally from the indirect impact of downturn in global economy.