Government today cautioned that sharp curb on inflation at the cost of growth and employment. Chief economic advisor to the finance ministry Kaushik Basu told reporters in New Delhi that it is a hard balancing act and there is no set formula for bringing down inflation. Expressing concern over growing inflation he said that bringing down inflation too fast will create social problem. He said that food inflation in August was 14.6 per cent, which is substantially less than 18.1 per cent seen in July. The Wholesale Price Index has come down to 8.5 per cent from 9.8 per cent in July. Mr. Basu expected the deposit rates to go up after changes in the repo and reverse repo rates by RBI.Mr. Basu said that the 8.5 percent growth will be achieved in this fiscal with manufacturing sector showing buoyancy. He said return of agriculture and services sector to their full capacity is likely to put India on higher economic growth path. Presently these two sectors are performing below capacity.