New Delhi, Aug. 15: With the optimism of a strong economy, the Prime Minister, Dr Manmohan Singh, on Sunday assured the nation that the government is working to control the double-digit inflation. He also underlined that lack of infrastructure in the country is impacting the economic growth and the need to speed up investment in the sector.
“I would certainly like to say that we are making every possible effort to tackle this problem (high inflation). I am also confident that we will succeed in these efforts,” Dr Singh said in his address to the nation from the ramparts of the Red Fort to mark India’s 63rd Independence Day.
Dr Singh said that government was aware of the difficulties faced by the people due to high prices.
“I know that in the last few months high inflation has caused you difficulties. It is the poor who are the worst affected by rising prices, especially when the prices of commodities of everyday use like food grains, pulses, vegetables increase. It is for this reason that we have endeavored to minimize the burden of increased prices on the poor,” said Dr Singh.
He said that the government has raised the minimum support price for the farmers, which has also contributed to high food prices.
Inflation has been in double digits in the last five months making it biggest challenge for the government to tackle.
He defended the recent hike in the prices of the petroleum products saying that a huge subsidy burden would have impacted government’s programmes for education, health and empl-oyment of the poor. “It is obvious that any person or institution cannot spend more than his income over a long period of time, even if it is the government. It is our responsibility that we manage our economy with prudence so that our development is not affected adv-ersely in the future because of high debt,” he said.
About the hurdles to the economic growth, the Prime Minister said that there is a large deficit in our infrastructure which affects our economic development. “There is a shortfall in the supply of electricity to industries. Our roads, ports and airports are not of world standards. We have been trying to increase electricity production and improve our roads, ports and airports,” said Dr Singh, adding that the government wants increased participation of private sector in this sector.