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Inflation a major concern: PM

business Updated: Sep 05, 2008 19:16 IST

Prime Minister Manmohan Singh on Friday said rising prices have emerged as a major concern for the government and stepping up productivity is the only way to ensure that economic growth is not inflationary.

Government has taken several measures to moderate rising prices and at the same time tried to ensure that inflation control measures did not hurt the growth momentum in the last four years, Singh said after laying the foundation stone for the Rs 1,750-crore expansion and modernisation of the Salem Steel Plant in Salem.

"In the Eleventh Five Year Plan period, we expect the economy to grow at around nine per cent. To ensure that growth process is not inflationary, we must step up productivity and increase output," Singh said

In order to ensure non-inflationary growth, the country must step production in all sectors, he said, adding that India still has a long way to go in creating infrastructure for modernising the country.

Congress President and UPA Chairperson Sonia Gandhi, along with several central ministers, were also present on the occasion.

Lauding the role of public sector Steel Authority of India Limited (SAIL) in the country's economic growth, Gandhi said the PSUs would continue to occupy a crucial position in areas like steel, power, gas, telecommunication.

The UPA government is committed to empower the PSUs, she added.