The government on Thursday informed the Parliament that it would take further steps like reducing custom duties to check inflation below five per cent.
Finance Minister P Chidambaram told the Lok Sabha that he was not at all happy with inflation and is willing to take further fiscal steps that the members suggest.
While replying to a debate on price rise he said, the government has already taken various steps including ban on export of pulses and milk products, besides reducing customs duty on edible oil.
"The government is aiming to bring down inflation below 5 percent and later between 4-4.5 per cent and the tolerance level of the people and the Reserve Bank," said the minister.
Members of Left parties and opposition benches repeatedly interrupted him saying he was defending price rise and later boycotted the House.
Former Prime Minister Atal Bihari Vajpayee and leader of the opposition L K Advani, however, remained in their seats.
High global prices of crude oil and metals due to increasing demand in India, China, and inactivity of Indian agricultural sector were the reasons behind the inflation, Chidambaram said.
Besides, the increase in government spending for rural employment, education and health sectors, increase in minimum support price of most crops, rising remittances from NRIs and FDI have also contributed to high inflation, the finance minister added.
