India's new central bank governor pledges to battle inflation
India's new head of the Reserve Bank of India took office on Friday, pledging to wrestle down inflation riding at 13-year highs.
Duvvuri Subbarao, who was appointed for a three-year term to succeed Yaga Venugopal Reddy, told reporters at the Bank's headquarters in Mumbai: "My immediate priority is to manage and anchor inflation."
Reddy, who is retiring, steered India's aggressive monetary tightening cycle, which began in late 2004.
Subbarao takes charge with India's annual inflation rate at its highest level since the current inflation series began being compiled 13 years ago.
On Thursday, India's inflation slowed for a second straight week to 12.34 percent. But the figure was still far above the central bank's target of seven percent for the fiscal year to March 31, 2009.
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