Inflation would see dip over next two to three months: Scindia

Minister of State for Communications Jyotiraditya Scindia has said the
govt was taking steps to rein in inflation and hoped it would see a
dip over the next two to three months, he stressed that there is a
need for India to sustain the high growth pattern over a longer period
in order to maintain its economic momentum.


Addressing the Annual General Meeting of American Chamber of Commerce,
Jyotiraditya Scindia said the inflation was mainly due to sub-prime
crisis in US and the increase in fuel and food prices in the
international market, a release issued said.


The Minister also noted that India is experiencing approximately eight
percent annual growth rate. "We need to ensure that the rate of growth
is sustained over a longer period of time," the release quoted him as
saying.


The Minister said the US has witnessed 3 to 3.5 percent sustained
growths over last 100 years. "It is this compounded growth that has
resulted in US becoming the superpower it is today. India should
follow this strategy."


Scindia also called for further participation of US companies in
inclusive and sustained growth of India by ensuring that every dollar
invested was used for social reforms irrespective of rural-urban and
income divide.


Speaking on the occasion, Charge d'Affairs of US embassy Steven J
White said that greater market and trade access between India and the
US would help in accelerating the growth in the two countries,
according to the release.


White said that increase of US investment in India by 33 percent
during 2007 was a step in the right direction.

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