Prime Minister's Economic Advisory Council (PMEAC) Chairman C Rangarajan today said the RBI will have to continue with its monetary tightening policy to tame inflation, which stood at over 8 per cent in February. The Reserve Bank of India has revised key policy rates eight times since March, 2010, to tame inflation. In its mid-quarterly policy earlier this month, the central bank raised the short-term lending and borrowing rates by 25 basis points. The RBI is slated to come out with its quarterly policy review on May 3. He further said overall inflation is likely to decline to 7.5 per cent in March from 8.31 per cent in February. In the next fiscal, it could decline to 6 per cent. Talking about the impact of the Libyan crisis on the Indian economy, Rangarajan said if the crude oil prices remains at a high level, this could impact government finances and price level. Rangarajan said he expects the Indian economy to grow by 8.6 per cent in the current fiscal and 9 per cent in the next financial year.