PM attributes rising prices to global factors, higher MSP

Tags: msp, PM, News
Attributing price rise to global factors and higher MSP, Prime Minister Manmohan Singh today

RELATED ARTICLES

said the government has tried to protect the interest of poor people by maintaining supply through the PDS system.

"It is true prices rose but it is because of international prices. We also gave reward to farmers in terms of remuneration, this also had consequences," he said during a press conference after the release of Congress manifesto for the upcoming general elections.

The government has ensured that price rise did not affect the poor people as supplies were maintained through a Public Distribution System (PDS) system, he added.

In order to encourage agriculture sector output, the UPA government had several times increase Minimum Support Price (MSP) for key farm commodities, like wheat, paddy and sugarcane.

Although the WPI inflation which has crossed double digits fell to a nine month low of 4.68 per cent, the retail inflation still remained elevated at 8.1 per cent in February.

The Congress manifesto said that if voted to power, the government would continue to take firm action to control inflation, difficult economic scenario notwithstanding.

It further added, "In a developing economy, we must accept that when our aim is high growth, there will be moderate level of inflation. Reserve Bank must strike a balance between price stability and growth while formulating monetary policy."

While listing the achievements of his government, the Prime Minister said: "The UPA tenure was superior. People ask what is our record. I say Congress record is visible to those who want to see. We provided the agenda for growth".

Post new comment

E-mail ID will not be published
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.

EDITORIAL OF THE DAY

  • Merger of FMC with Sebi could be precursor to a super markets regulator

    Finance minister Arun Jaitley’s decision to merge commodity market regulator FMC with market watchdog Sebi is a welcome step.

FC NEWSLETTER

Stay informed on our latest news!

INTERVIEWS

GV Nageswara Rao

MD & CEO, IDBI Federal Life

Timothy Moe

Goldman Sachs

Chander Mohan Sethi

CMD, Reckitt Benckiser India

COLUMNIST

Simon J Evenett

Who blinked first, Greece or Germany?

Long dismissed as being stuck in our ivory towers, we ...

Kuruvilla Pandikattu SJ

Human bias towards happiness

There is a universal bias for positive words and ...

Shona Adhikari

Art world celebrates two ‘new’ Cezannes

The focus moves once more to post-impressionist Paul Cezanne, who ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture