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Have to work together for a conducive economic scenario: Pranab

Last Updated: Friday, December 9, 2011 - 13:36

Zeebiz Bureau

New Delhi: Finance Minister Pranab Mukherjee on Friday presented the overall scenario of price rise issue and assured the government’s commitment to fight inflation.

Offering his reply to the parliament on price rise debate, Mujherjee said, “Seven per cent economic growth is not adequate; we have to promote growth while containing inflation.”

Overall inflation is perilously close to double digit. We have to bring it down to 5-6 percent,” he said.

Continuing his counter attack on the opposition the Finance Minister said, “Yesterday you asked me if I knew anything about village. I come from a village constituency.  Since my childhood till my graduation days, I stayed in a village. I walked five to six kilometres to go to the high school. I am a village boy. Don’t teach me what a village means.”

Maintaining the government stand on overall growth, Mukherjee said,” We are constantly trying fight price rise. We have to sit together to discuss the matter of subsidy. If the government goes on to subsidise everything to everyone how will the developmental work take place?”

“If the international situation was conducive, perhaps we would be in a better situation, could have provided more subsidy,” he said.

Apprising the opposition of the international crude prises, the Finance Minister said that the present rate of brent crude price the government is saddled by Rs 1,32,000 crore of under recovery. The taxes on various petroleum products fetch the centre close to Rs 1,36,000 crore and Rs 89,000 crore to the state government.

Mukherjee said that manufacturing growth will also have to pick up 8 to 10 percent. For overall growth scenario manufacturing growth is very important.

He also asked the opposition, "What is the need for discussion if we cannot agree on a decision after discussion?"

Concluding his speech he said that confidence can be collectively created.  He also promised that collective work will bring in developments and the big companies which earlier said “bye bye India, Hello World” will then say "Hello India, Goodbye World".

First Published: Friday, December 9, 2011 - 13:36
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