Need innovative remedies for inflation: Pranab

8220;Innovative remedies would be required to address these challenges simultaneously,8221; he suggested.

Admitting that the fight against inflation and tight monetary policy regime were hurting growth and investment,the minister said the 8220;slowdown in industrial growth is of a particular concern,as it impacts employment8221;.

In addition,inflation is at an unacceptable level and 8220;there are also immediate concerns relating to fiscal deficit and current account deficit8221;,he said.

India is likely to clock economic,or GDP,growth of around 7.5 per cent this fiscal,as against 8.5 per cent in the previous year.

India Inc has been complaining that the tight monetary stance of the Reserve Bank is impacting investment and industrial growth.

All eyes are now on the RBI8217;s scheduled review of the monetary policy tomorrow. It has hiked interest rates 13 times since March,2010,in its bid to tame inflation.

Mukherjee said,8221;Slowdown in industrial growth is of a particular concern as it impacts employment. Inflation is at an unacceptable level,there are also immediate concerns relating to fiscal deficit and current account deficit.8221;