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Third meeting of Inter-Ministerial Group on inflation held

May 6, 2011 - New Delhi

A meeting of the Inter-Ministerial Group (IMG) on inflation was held here today under the Chairmanship of Dr. Kaushik Basu, Chief Economic Advisor, Union Finance Ministry.

The IMG was set-up at the suggestion of Prime Minister Dr. Manmohan Singh "to review the inflation situation and suggest corrective measures".

Along with Dr. Basu, the meeting was also attended among others by Sudha Pillai, Member Secretary, Planning Commission, P.K. Basu, Secretary, Department of Agriculture and Cooperation, B.C. Gupta, Secretary, Department of Food and Public Distribution, all members of IMG.

The meeting was also attended by Sushma Nath, Finance Secretary, R.Gopalan, Secretary, DEA, Rahul Khullar, Commerce Secretary, T. C. A. Anant, Chief Statistician and Secretary, MoSPI, Dr.Govinda Rao, NIPFP, Suman K Bery, Dr. Subir Gokarn, Deputy Governor, RBI, Yogesh Suri, Adviser, Planning Commission, S.Bhavani, Senior Economic Adviser, DEA, Dr. Dipak Dasgupta, Principal Economic Adviser, DEA and Vini Mahajan, Joint Secreatry, PMO, as special invitees.

The IMG has been entrusted with the task of studying and proposing policies pertaining to (a) food article inflation and (b) macro-economic demand management.

"Today's meeting pertained to "Macroeconomic Demand Management" with focus on Inflation-Growth dynamics," a Finance Ministry statement said.

In his opening remarks, Dr. Basu, said that in December, inflation after having gone down almost on cue for three quarters of a year, reared its head once again.

He, however, pointed out that at the G-20 meeting last month, he found that all emerging economies were troubled by the resurgence of inflationary pressures and there was concern that the very nature of global inflation may be changing.


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