The Reserve Bank of India governor Bimal Jalan has hinted at an upward revision of GDP and a likely downward movement of inflation in view of food prices coming down following a good monsoon.

"The monsoon has been better than expected; inflation has come down and the GDP could be revised upwards during the mid-term review of the credit policy in October to be carried by my successor Y V Reddy," he said at a luncheon meeting in Mumbai on Friday.

"The GDP, the monsoon and other factors will be taken into consideration during the mid-term review and changes, if any, accordingly decided," he added.

Jalan said inflation has been under control and "there is no turbulence and we expect the soft interest regime to continue."

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Though fiscal deficit was a problem and there was no magic formula to control it, there was no risk on the soft interest regime. "Not in the immediate future," he said when asked if the fiscal deficit was a risk (to the soft interest regime).

Jalan was against setting any inflation target and said, "There should be a range but one should not set a target as other countries do as the Indian environment was different."

Jalan, who is likely to lay down office in October after attending the World Bank meetings next month, said he would be settling down in Delhi and "maybe write a book about my tenure at the Reserve Bank", but declined to comment on his political future.