Dr C Rangarajan, chairman of the Economic Advisory Council to the Prime Minister cautioned against diesel price hike at this moment adding that the move will further add to the inflation rate.

While speaking at the 93rd Annual Conference of the Indian Economic Association (IEA) at Panjab University, Chandigarh, and Dr. Rrangarajan said, "Possibility of augmenting supply and cutting down inflation through imports is limited. If diesel and LPG prices are increased in the near future, certainly it will further augment inflation affecting commodity prices."

He asked for the need of transparent and explicit growth objectives for the banks of developing economies of the world for maintain financial stability even in the volatile environment. The three days Indian Economic Association (IEA) conference will see as many as 3,000 delegates from all over India and abroad, participating in the event.

He pitched for strong regulatory mechanism put in place for avoid risks to the derivative market and for sustaining growth story. He advised the budding students of universities to enhance their managerial and professional skills for raising head high in the highly competitive world.