BANGALORE: The Union Finance Minister, P. Chidambaram, on Thursday said the rate of inflation has come down to 3.96 per cent. Expressing happiness over inflation rate dropping to below four per cent, Mr. Chidambaram hoped that it "would remain under control".

"The Government is taking steps to bring prices under control. Anything under four per cent is inflation under control," he told reporters here.

The Finance Minister said the committee under the chairmanship of S. S. Tarapore to outline a roadmap on capital account convertibility "has been requested to submit its report by July."

Mr. Chidambaram said he had held discussions with the Reserve Bank of India Governor, Y. V. Reddy, on the forthcoming Monetary Policy and issues relating to liquidity, but declined to elaborate further stating that the "monetary policy is the province of the RBI".

The Finance Minister said he had a broad exchange of views with the World Trade Organisation Director General, Pascal Lamy, in New Delhi on Wednesday.

"We exchanged views on India's economy, on how India sees further progress on tariffs and non-tariffs and on how India will respond to the WTO issues relating to tariffs on non-agricultural goods and services," he said.

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