.............The RBI took note of the higher inflation at the wholesale and consumer levels with the Governor, D. Subbarao, telling reporters in New Delhi after an hour-long meeting with Finance Minister, P. Chidambaram: “Of course, we will take into account inflation numbers while framing the policy.” There has been an increasing clamour from industry for a cut in rates to revive growth. Last week the government released industrial output data showing a fall of 1.6 per cent in May compared to a 1.9 per cent growth in April.............
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