PM justifies diesel price hike, reform measures

Under fire from UPA allies and opposition parties, Prime Minister Manmohan Singh on Saturday justified hike in diesel price and ushering in new wave of economic reforms.

He said the 12th Plan growth target was lowered to 8.2 per cent from 9 per cent estimated earlier. Manmohan Singh was addressing the meeting of Planning Commission which was called to approve the 12th Five Year Plan document.

"Reforms needed to push economic growth to 8.2% during the 12th Plan period," he said.

Unfazed by large scale protests over diesel price hike, Prime Minister asserted it was a step in the right direction and expressed the hope that economy would rebound in the second half of the current fiscal.

The government had recently increased the price of diesel by Rs 5 a litre and capped the use of subsidised LPG cylinder to six in a year per family, evoking sharp protests all over the country.

The Prime Minister also made a case for comprehensive review of energy policy saying it was vital for energy security of the country. Energy, the PM said, "is a difficult area where policy needs a comprehensive review.''

''We are energy deficient and import dependence is going up. It is vital for our energy security that we increase domestic production and also increase the energy efficiency," he said.

"Rational energy pricing is therefore critical. Our energy prices are out of line with the world prices", he added.

He pointed out a trillion dollar investment was needed to boost infrastructure projects in 12th Plan period.

Outling the broad plan for economic growth in the coming years, Manmohan Singh said short-term problems presented a challenge.

In the present situation, it was a must to revive the investment environment in the country, he said. "The increase in diesel price is an important step in the right direction," he said.

Manmohan Singh pointed out courage and some risks needed to achieve high growth.

Comments

PM Shri Manmohan Sing Defends

PM Shri Manmohan Sing Defends Reform action taken by his Government. ALL INDIANS SHOULD SUPPORT THIS MOVE AS IT IS IN NATIONAL INTEREST AFTER A LONG LONG TIME

The country certainly would congratulate the PM and the FM for the bold courageous and candid economic measures recently announced amidst all the political chaos and political posturing. This required real courage on the part of the PM and the FM.

However, I would not call these actions as reform actions but reactive actions. As for the past 2 years the Government and especially the then FM Shri Pranvda had their eye on the political game ie UP Elections, President Elections, Vice President elections and many other minor political events. And a point had come when the credibility of the PM was at stake and being heavily battered in India and abroad there was no other choice but go down dying instead of succumb to inactivity.

This Government have been very dirty in its political game and they do not live upto walk the talk. The new definition of these reforms given by Shri Narendra Modi as “ a Government of the Foreigners, by the foreigners and for the foreigners”” is at the root of these reactive steps taken by the Government and hence the PM can not equate it with 1991 situation. As at that time the actions taken were real reform from socialistic pattern to market economy. But now it is per dictate of the Ratings agencies by the foreigners then Retail giants like Wall Mart for the Foreigners and finally by the kind blessings of ????. Government of the foreigners.

However, I find nothing wrong in these three F as it is working in National Interest and it is evident from the rupee rising fast instead of depreciating which would mean lower inflation going forward. The FDI in retain would bring new technique and mass scale operations would mean better prices to be realized by farmers and lower costs of end products to the consumers as middle man would be reduced. And finally if Soniaji have granted her blessings nothing wrong as it is in the interest of the country.

The person who should be questioned is the Antique figure in the Rastrapathi Bhavan Shri Pranvda who have stalled all economic actions for 2 years which led to this chaos as he was a very dominating personality amongst all in the UPA 2. The PM and FM have taken the right step in National interest they will go down very well in the history by the reversal of economic paralysis initiated by Shri Pranvada. He Provided too little subsidy provision in this years budjet when even at that time it was in black and white that is only window dressing for the rating agencies. Since the time of Jasmine revolution the crude was know even to a dumb that it is going high. Yet the status quo of Shri Pranvda is very much questionable and was it to be the President ?

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