Prime Minister Manmohan Singh on August 15 said a major challenge before his government is to control inflation while ensuring that the current boom in the Indian economy, with a target of 10 per cent growth, is not compromised.
For the first time in our history, we have had four years of nearly 9 per cent economic growth. India is among the world''s fastest growing economies, the prime minister said in his 42-minute Independence Day speech.But there are new challenges that we face. We have the challenge of inflation. I know how much each one of you is concerned about the recent rise in prices, he said in the address to the nation from the historic Red Fort.
Describing the current trend in price rise, which has seen the annual rate of inflation climb to a 14-year high of 12.44 per cent, as imported, the prime minister said steps were taken to ease pressures on the average citizen."But while making these efforts we should avoid doing anything that hurts growth," he said. "Our economy must grow at the rate of at least 10 per cent every year to get rid of poverty and generate employment for all."
The prime minister said his government had worked hard to ensure that inflation was not as high as in many countries and taken special steps to insulate the poor from the full impact of rising food and fuel prices.
He said that while his government had kept the prices of kerosene, fertilisers, wheat and rice unchanged, the full impact of the rise in fuel prices had also not been passed on fully to consumers.The prime minister also said that in ensuring the overall development of the Indian economy some key measures had also been taken in the past four-and-a-half years to spruce up the country''s physical infrastructure.
For the first time in our history, we have had four years of nearly 9 per cent economic growth. India is among the world''s fastest growing economies, the prime minister said in his 42-minute Independence Day speech.But there are new challenges that we face. We have the challenge of inflation. I know how much each one of you is concerned about the recent rise in prices, he said in the address to the nation from the historic Red Fort.
Describing the current trend in price rise, which has seen the annual rate of inflation climb to a 14-year high of 12.44 per cent, as imported, the prime minister said steps were taken to ease pressures on the average citizen."But while making these efforts we should avoid doing anything that hurts growth," he said. "Our economy must grow at the rate of at least 10 per cent every year to get rid of poverty and generate employment for all."
The prime minister said his government had worked hard to ensure that inflation was not as high as in many countries and taken special steps to insulate the poor from the full impact of rising food and fuel prices.
He said that while his government had kept the prices of kerosene, fertilisers, wheat and rice unchanged, the full impact of the rise in fuel prices had also not been passed on fully to consumers.The prime minister also said that in ensuring the overall development of the Indian economy some key measures had also been taken in the past four-and-a-half years to spruce up the country''s physical infrastructure.
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