Will take all steps to check soaring food prices: Manmohan | business | Hindustan Times
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Will take all steps to check soaring food prices: Manmohan

business Updated: Mar 05, 2010 16:05 IST

Noting that the government has been concerned over high food prices over the last one year, Prime Minister Manmohan Singh today said all practical measures would be taken to provide relief to people.

Replying to the debate on Motion of Thanks to the President's Address in the Lok Sabha, he said the government was working to overcome the twin-impact of failure of monsoons and global economic crisis with an objective of reaching the double-digit growth.

He said India will end the current financial year with GDP growth of 7.2 to 7.5 per cent while exuding confidence of achieving eight per cent in the next fiscal (2010-11) and return to 9 per cent in subsequent year.

"I am confident that economic fundamentals are strong. If we manage our economy well, if we manage creation of social infrastructure well, there is no barrier to India's entry in the age of double digit growth," Singh said in his 55-minute speech.

Responding to concerns expressed by members over rising food prices, he said the government has been equally concerned over the "behaviour of food prices" over the last one year.

He said certain steps have been taken to address the situation and the government was ready to take "any practical" measure that would give relief to people.

The food inflation had touched a decade high of 19.7 per cent in December last year before moderating marginally to about 17 per cent in the recent weeks.