Sacrifice growth to control prices: BJP

The BJP demanded in Parliament on Wednesday that the government should compromise even on economic growth, if need be, to control the runaway prices. HT reports.

The BJP demanded in Parliament on Wednesday that the government should compromise even on economic growth, if need be, to control the runaway prices.

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Launching the debate on inflation in Lok Sabha, BJP leader and former finance minister Yashwant Sinha said, "If growth means inflation, we don't want it. We won't accept inflation above 3%."

He wanted the government to control prices in two months.

The BJP's views on economic growth, however, look different from its "India Shining" slogan in 2004 when it received a drubbing in the general elections.

The Congress and other opposition parties then argued that although the shining growth story resulted from the economic liberalisation initiated by the Congress in the 1990s, the man in the street had been excluded during the BJP rule.

Sinha quoted a report of the Asian Development Bank that said half-a-million Indians were pushed below poverty line because of the food inflation in the past three years.

He also referred to a report by CRISIL - a global firm providing business ratings - saying Indian households spent Rs 6 lakh crore more in the past three years, while the total government revenue was Rs 6.5 lakh crore last year.

Countering, law minister Salman Khurshid said, "We have to ensure enough growth that can allow us to help the poor. We don't believe in growth at any rate."

Referring to the reports quoted by Sinha, Khurshid said various reports were brought out periodically with a specific perspective, and not always with the entire truth.

Attributing the high inflation rate to global crude prices, he said the government had taken a number of measures, such as reducing import duties and suspending futures trading in rice and certain pulses.

There will be a vote on the price rise debate on Thursday.