New Delhi: Governor of the Reserve Bank of India Raghuram Rajan on Sunday met Prime Minister Narendra Modi for discussions over the Union Budget. Since the previous government's term ended in May, the UPA government had rolled out an interim budget only till the time the new administration is installed.
The RBI will also be reviewing its monetary policy on Tuesday which will be its first exercise after the installation of the new union government. It is likely to keep the rates unchanged.
Known for the primacy he accords to controlling inflation, Rajan on Friday said that the "government and the central bank have both stressed on the need to bring down inflation while respecting the fact that growth is very weak".
Earlier, talking to reporters after meeting newly sworn-in Finance Minister Arun Jaitley, Rajan had said, "RBI has always maintained the balance between growth and inflation."
Agreeing with the challenges that the government faces, Jaitley had said, "The challenges are very obvious. We have to restore the pace of growth, contain inflation and obviously concentrate on fiscal consolidation itself."
(With agency inputs)
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