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 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E-mail ID will not be published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

  • Banks must learn from past mistakes to promote financial inclusion

    Prime minister Narendra Modi launched a massive financial inclusion programme yesterday titled “pradhan mantri jan dhan yojana’ (PMJDY), that will

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

Urs Schöttli

West Asia turmoil worries east Asia

From Beijing to Jakarta, from Manila to Tokyo, east Asian ...

Parvez Imam

Sowing the seeds of love for hatred

No wonder we have a whole lot of talking going ...

Dharmendra Khandal

Time to protect our endangered wildlife species

After 65 million years of existence, the earth’s biodiversity is ...

INTERVIEWS

William D. Green

Chairman & CEO, Accenture