Keeping Inflation Low High Priority: Chidambaram

Finance Minister P Chidambaram on Jan 25 said keeping inflation rate low, not high growth, was a priority for the government. At the moment, we are comfortable with inflation below four per cent and growth above 8 per cent.His statement comes amid fear that a possible recession in the US can affect economies of developing countries, including India. Between inflation and growth, what hurts the poor most is the inflation. India''s wholesale prices-based inflation rate grew by 3.83 per cent for the week ended January 12 compared to 3.79 per cent in the previous week, but was still under the Reserve Bank''s target of under 5 per cent for the fiscal. He said New Delhi would do everything to maintain the growth rate, while ensuring prices do not rise. He forecast India''s economy to expand by 8.5 per cent in 2008-09 fiscal