The Hindu : Front Page : We will tame inflation in coming months: PM

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Friday, May 09, 2008
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We will tame inflation in coming months: PM

Special Correspondent

Manmohan Singh

Bangalore: Prime Minister Manmohan Singh on Thursday promised that the United Progressive Alliance government led by the Congress would tame inflation in the coming months and roll back the inflation rate to reasonable levels.

Dr. Singh was addressing a citizens’ meet, comprising elite sections and important Congress leaders/workers organised by the Karnataka Pradesh Congress Committee.

He said inflation had an international dimension. Oil prices touched an all-time high and food grain and commodity prices rose substantially.

In spite of this adverse scenario, he said the government made strenuous efforts to shield the poor and the vulnerable sections. Kerosene and LPG prices were hardly hiked in four years and even petrol and diesel price rises were kept low. The Centre, he said, was bearing a huge cost on the Exchequer on account of this.

Foodgrain issue prices for BPL rice and wheat were not touched while wheat and rice support prices were doubled. This year, he said, the country had a bumper crop and procurement was excellent.

He said that in spite of inflation, the Centre ensured macro-economic stability and a climate conducive to enterprise and creativity. This had manifested in growth rates averaging almost nine per cent in the last few years benefiting every section and enabled in raising resources for development programmes.

While raising tax revenues, the government ensured that taxes remained moderate.

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