Govt has no magic lamp to control inflation: FM

Finance Minister Pranab Mukherjee today said steps have been taken to tame inflation but the government has no magic lamp to bring it down immediately.

"You cannot expect that there is any magic wand or like Alladin's magic lamp that you rub it and your problem is solved," Mukherjee told reporters here.

He said the Reserve Bank has taken steps, including tightening of the monetary policy, to control inflation.

Driven by high prices of fruits, milk, meat, eggs, food inflation crossed 17% for the week ended January 22. Headline inflation shot up to 8.43% in December from 7.48% a month ago.

While the Indian economy is projected to grow by 8.8-9.0% this fiscal, inflationary concerns are looming over the growth prospects.