Inflation in India dips to 5.77 pc; FM promises new Income Tax code

According to official figures issued in New Delhi, the annual rate of inflation, calculated on a point-to-point basis, stood at 3.85 percent during the corresponding week of the previous year.

Finance Minister P Chidambaram on Thursday said the government will work on policy measures and step up supply to bring down inflation to 4.5 percent from the current six-plus percent.

While replying to a debate on the Finance Bill in Lok Sabha, Chidambaram said, "I am confident that current inflation, which is over six per cent since January 2007, will be moderated to 4.5 per cent with the combination of measures in the fiscal, monetary and supply side."

Meanwhile, admitting that income tax laws were complicated, Finance Minister P Chidambaram has promised to table the new Income Tax Code in the monsoon session of Parliament.

The Appropriation Bill and Finance Bill 2007-08 were later returned by the upper house by a voice vote. With the Lok Sabha having already cleared the bills,

Parliament has completed this year's Budgetary business. - DDNews India