No magic wand to curb price rise: Govt

However, Sibal added the Government remains concerned about the rising prices and was doing all it could to control them.

Elaborating on the efforts being made through duty cuts, the public distribution system and other measures, Sibal said some of these were already showing results and hoped that there would be a more visible difference soon. “We are ready to take, if required, further steps,” he said.

With inflation recording a 40-month high of 7.41 for the week ending March 29, Sibal said global factors had given rise to inflationary pressure across the world, affecting most of the emerging markets.

About the impact of inflation on the coming elections, Sibal said: “Whenever there are elections, we will come to know. But we want to convey to the people that inflation is a global phenomenon and the Government is taking all possible steps to limit its impact on India.”