Modi promises to rein in prices

Tags: News
Vowing to control inflation, Prime Minister Narendra Modi today said improving agriculture productivity through modern farm techniques and university- farmer collaboration hold the key to check price rise.

Replying to the motion of thanks to President's address in Lok Sabha, Modi said his government's top priority is to provide every citizen with a house that has running water, electricity and toilet.

No person should go to bed hungry, he said while stressing the government's resolve to bring food prices under check.

The retail inflation accelerated to a three-month high of 8.59 per cent in April, mainly due to increasing prices of vegetables, fruits and milk.

"We have promised to control inflation. We are determined achieve this target," he said.

"We will do this (control inflation) not only because it is our election promise but we want every poor to have access to food," he said, adding that "this is the collective responsibility of all of us".

In its election manifesto, BJP had promised that it would rein in prices if it came to power.

The manifesto had listed many steps to contain inflation, including a price stabilisation fund, setting up of special courts to deal with hoarding and black marketing, unbundling of the Food Corporation of India and establishment of national agriculture market.

Emphasising the importance of increasing farm productivity, Modi said there is a need for use of modern technique in the agriculture sector because farm land is shrinking with rising population.

EDITORIAL OF THE DAY

  • Right to reveal

    Delhi is India’s first state to announce a scheme for witness protection. But what about the witnesses in other states?

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

Sarthak Raychaudhuri

vice-president, HR, Asia South Whirlpool of India

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

TODAY'S COLUMNS

Urs Schoettli

New masters of the Financial Times

A few days ago, Japan’s leading financial daily Nihon Keizai ...

Anuja Sharma

Focus mindfully to get the result

Have you ever tried to light a fire using the ...

Gautam Gupta

Our fashion schools need to notch it up

“Creativity is the key to success and primary education is ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture