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Uncontrollable inflation concerns the country

Apr '08
Addressing the Inaugural Session of CII's National Conference, the Prime Minister Dr. Manmohan Singh said that the immediate challenge facing the country is the increase in global commodity prices, especially the price of food and petroleum products, over which we do not have much control.

Otherwise, he was confident that the long term and medium term picture for India remains highly encouraging and the prospect for domestic growth remain good.

He said that the world community has not done enough to address the challenge of rising prices, as the diversion of land from food crops to bio fuel has contributed to the rise in food prices.

The challenge of food security and the problem of rising oil prices need to be addressed together. He expressed his concern that the global response to the current energy crisis has been far from adequate and compares poorly with the response during previous crises in the energy sector.

He asked industry to co-operate with government to ensure long-term stability of the growth process.

He said that industry leaders, particularly in sectors where significant market power lies in the hands of a few producers, have a social obligation to assist the government in moderating inflationary expectations.

He made clear his expectation that industry should absorb the rise in input costs, to the extent possible, by laying emphasis on improved productivity.

The Prime Minister then expressed his concern about the instability in the global financial system caused by the sub-prime crisis and the recession in the United States.

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