New Delhi: The government is defending its policies to combat inflation in the Lok Sabha. Finance Minister Pranab Mukherjee offered his reply today; the BJP initiated the debate yesterday and targeted the government for not being able to check rising prices.
Mr Mukherjee said he hopes the House will find consensus. "What is the need for discussion if we cannot agree on a decision after discussion?" he asked. "Hello India, Goodbye World" will be the new tagline, he promised.
Yesterday, the BJP's Yashwant Sinha reprimanded the government, saying that if economic growth means higher prices, "we don't want it." He said the BJP will not accept an inflation above 3%.
In Parliament today, Mr Mukherjee said, "We want growth and at the same time we want moderate rate of inflation."
Speaking on the necessity to increase fuel prices, Mr Mukherjee said, the Indian crude basket was at $36 a barrel in May 2004 when we came to power but today the Brent crude is at $117 a barrel. He asked the opposition to suggest a mechanism to give fuel at the 2000 - 2004 levels when the crude basket was much lower.
Mr Mukherjee said the problem was high international commodity prices and "75 per cent of our crude has to be imported."
Mr Mukherjee said the government was not insensitive to inflation as alleged by the opposition."Food inflation was at 22 per cent in February... we have brought it down to 8 per cent", Mr Mukherjee said, adding, "I am not accepting it as the benchmark, food inflation should be at 5 per cent."
The discussion in the Lok Sabha will be followed by a vote.
Mr Mukherjee said he hopes the House will find consensus. "What is the need for discussion if we cannot agree on a decision after discussion?" he asked. "Hello India, Goodbye World" will be the new tagline, he promised.
Yesterday, the BJP's Yashwant Sinha reprimanded the government, saying that if economic growth means higher prices, "we don't want it." He said the BJP will not accept an inflation above 3%.
In Parliament today, Mr Mukherjee said, "We want growth and at the same time we want moderate rate of inflation."
Speaking on the necessity to increase fuel prices, Mr Mukherjee said, the Indian crude basket was at $36 a barrel in May 2004 when we came to power but today the Brent crude is at $117 a barrel. He asked the opposition to suggest a mechanism to give fuel at the 2000 - 2004 levels when the crude basket was much lower.
Mr Mukherjee said the problem was high international commodity prices and "75 per cent of our crude has to be imported."
Mr Mukherjee said the government was not insensitive to inflation as alleged by the opposition."Food inflation was at 22 per cent in February... we have brought it down to 8 per cent", Mr Mukherjee said, adding, "I am not accepting it as the benchmark, food inflation should be at 5 per cent."
The discussion in the Lok Sabha will be followed by a vote.
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