New Delhi, April 9:
This year’s monsoon rains are expected to be normal, the finance ministry’s Chief Economic Adviser Arvind Subramanian said on Thursday.
The tendency in monsoon shortfall years has been an impact on food prices, thus fuelling inflation.
Subramanian also told reporters here that the current unseasonal rains that have resulted in damage to crops will be a “temporary blip” on the food price situation, and inflation is not expected to climb in the medium-term.
According to him, the inflation target of 5 percent to 5.5 percent for the current fiscal will be met.
The recent unseasonal rains have damaged crops over 10 million hectares of land. (IANS)