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Russia to overcome economic decline in three years - Putin

world Updated: May 25, 2010 13:19 IST

Russian Prime Minister Vladimir Putin has said that the economic decline of 2009 will be overcome in three years.

Speaking at a meeting on economic development scenarios for 2011-2013 yesterday, Putin said this document was "designed for the post-crisis period when we not only have to fully overcome the consequences of last year's crisis, but also ensure sustainable development".

"As we have agreed, the budget will be based on a conservative scenario, i.e the one that will be used in any situation," Putin added.

Several key parameters were supposed to be determined at the meeting, including inflation, the growth of tariffs for the services of infrastructure monopolies, and the amount of government investments.

"We have to adopt a decision on the rate at which regulates tariffs of infrastructure monopolies will be adjusted. In other words, how much the cost of railway transportation, electricity and natural gas will grow," Putin said.

"We should find a reasonable compromise between our infrastructure modernisation plans and consumers' possibilities, how to distribute the load between market players and the population. We have always stated that tariffs for the population should be raised at minimum rates, and we should take a look at that," the prime minister said.

"Infrastructure industries cannot be rid of investments for development, but at the same time, an excessive growth of tariffs should not hinder post-crisis development of the economy in general and should not become a heavy burden for the people," he said.

Putin asked the ministers to find reserves for reducing monopolies' costs. "First of all, by optimising their internal expenditures and structure, and by disposing of non-core assets and property, as well as by introducing competitive procedures for purchases," he said.