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"The monsoon has been better than expected; inflation has come down and the GDP could be revised upwards during the mid-term review of the credit policy in October to be carried by my successor, Y. V. Reddy,'' he said at a luncheon meeting here today. "The GDP, the monsoon and other factors will be taken into consideration during the mid-term review and changes, if any, accordingly decided,'' he added. Dr. Jalan said inflation had been under control and "there is no turbulence and we expect the soft interest regime to continue.'' Though fiscal deficit was a problem and there was no magic formula to control it there was no risk on the soft interest regime. "Not in the immediate future,'' he said when asked if fiscal deficit was a risk (to the soft interest regime). Dr. Jalan was against setting any inflation target and said, "There should be a range but one should not set a target as other countries do as Indian environment was different.'' — PTI
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