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Inflation Will Controlled Very Soon-Says Prime Minister

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Manmohan Singh on Sunday said that it would sharp increase in prices would come under control within couple of weeks.

The Prime Minister has been under increasing pressure from allies of the ruling UPA after the rate of inflation touched a three year high of 7 percent, driven by a sustained surge in food and commodity prices.

Manmohan Singh said that his government is concerned about inflation. and is doing everything possible to contain it.

Singh faces an April 15 deadline set for his government by Left partner CPM to bring down prices. The CPM had last week decided to launch a nationwide campaign against rising prices of essential commodities if the government failed to stick to this target.

Last week Cabinet Committee on Prices that took a string of steps to control prices, including abolishing import duty on all crude edible oils and imposed a ban on export of non-basmati rice and pulses.

On Sunday, Singh blamed global prices for the higher rate of inflation, pointing that prices of petroleum and steel had been increasing in the international market for the pat four years leading to the rise in prices in India.

He also referred to last Monday’s meeting of the cabinet committee to point out that the government was taking steps. What more can be done will be done, he said.

Singh made it a point to mention that a barrel of crude oil cost just $38 in the global market when the NDA was in power. “It has gone up several fold,” he said.

The Prime Minister, however, emphasized that the government had not allowed prices of essential items under the public distribution system to increase.

Source-HT

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Tags: basmati rice, crude oil, high prices, inflation, manmohan singh, political fallout, rate of inflation