Bangalore: Union Finance Minister P Chidambaram today (August 3, 2004) said the Government would take "all steps" to control inflation in the country due to rising global oil prices.

"I have no control over global fuel prices but we will take all steps necessary to keep inflation under control," Chidambaram told reporters in Bangalore, after inaugurating the export-oriented transmission unit of Toyota Kirloskar Auto parts.

Global crude oil prices hit a 21-year high yesterday (August 2, 2004) touching $ 44 per barrel in the wake of increased alert in the US due to perceived threats of terrorist attacks.

Public sector oil firms hiked fuel prices early this week due to the increasing fluctuation of oil prices in the global market.

Chidambaram said the Government expects the Gross Domestic Product (GDP) growth to reach between 6.2 per cent and 7.4 per cent this fiscal, in the backdrop of 8.4 per cent growth achieved last fiscal.

"In the backdrop of a 8.2 per cent growth (last year), any growth between 6.2 per cent and 7.4 per cent is perfectly acceptable," he said. He also said that the reports on the monsoon spreading across the country were encouraging, though a bit delayed.

"There is going to be a good monsoon, though there were concerns on the monsoon, mercifully, these concerns have receded," Chidambaram said earlier in his address.