Bangalore: Finance Minister Jaswant Singh today (Mar 1, 2004) said the Government is confident of achieving the inflation target of 4.5 per cent for 2003-04 and ruled out any revision.

"We still continue to stand by that figure (4.5 per cent) which both RBI (Reserve Bank of India) and the Ministry of Finance has put out. We should and will achieve the inflation target as indicated," he told reporters in Bangalore after a function, when asked if there is going to be revision as the inflation rate now stands at 5.68 per cent. To a question on the slew of initial public offerings (IPOs) hitting the stock markets, Singh said, "Markets are shining. IPOs are a great success, and it will be a great success".

Queried if there is going to be a change in fiscal estimates after the IPOs, Singh said, "Why should they change. We had taken into account the things when sharing the fiscal figures."

Asked if the move on excise duty on steel and release of more sugar into the system meant he left more room for checking the inflation, he said, "It's not just an inflation-checking step that was taken. Steps have been necessitated with steel versus sick industry up-till about eight months back".

Pointing out that several steps have been taken to revive the steel sector as steel is a basic infrastructure industry, Singh said there cannot be "India on the move without the dynamic and growth-oriented steel industry".

Asked if the Government would repay any more loans prematurely, he declined to comment, saying he is now bound by the code of conduct following announcement of election dates.

Singh said "yes", when asked whether the eight per cent GDP (Gross Domestic Product) growth would be sustained during the next fiscal year.

Asked if the fiscal deficit is going to be lower as the Government is expected to mop up an additional Rs 1,000 crore from IPOs, he said he can only answer the question after "what I get in coffers". Singh disagreed with a perception that the GDP growth of 8.9 per cent in the third quarter was fuelled by the bounty of monsoon.

"Growth is a reality. Break up of growth clearly demonstrates that its components are all sections...all sectors of the economy -- agriculture, manufacturing and services -- have contributed".

When his comment was sought on the charge of the Opposition parties that economic growth has only benefited the rich, he said, "India cannot be divisible".