ID :
183696
Sun, 05/22/2011 - 23:30
Auther :
Shortlink :
https://www.oananews.org//node/183696
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Economic growth on track; more steps to check inflation: PM
New Delhi, May 22 (PTI) Bullish on an economic growth
rate of 8.5 per cent in the past seven years of its rule, the
United Progressive Alliance (UPA) government Sunday said high
prices still remain a major concern and hinted at more steps
to contain inflation, especially for the poor and vulnerable
sections.
Presenting its annual report card for the year
2010-11, the government said it would seek to contain food
inflation through measures for higher production of various
agriculture products, while minimising the impact of high fuel
prices on 'poor and vulnerable' of the society.
At the same time, the government presented a bullish
stance on the state of economy and pegged the average growth
rate between 2004-05 and 2010-11 at 8.5 per cent and said it
was determined to take India to the select league of "middle
income countries".
In the report card being presented every year ever
since UPA government came to power in 2004, Indian Prime
Minister Manmohan Singh also said the government has taken
many steps to improve production of agriculture commodities to
contain inflation and intends to take more steps in future.
"Food inflation was a major concern in 2010-11,"
Singh, said, while adding that various measures were taken by
the government to address the problem.
Noting that high fuel prices reflected the global
trends, the government said that it was committed to ensuring
availability of cooking fuels to the common man at affordable
prices.
While prices of petrol and diesel will be market
determined, the overall impact on the poor and the vulnerable
was being minimized, it said.
Singh said that the economy grew at an unprecedented
8.5 per cent growth rate from 2004-05 to 2010-11, despite a
severe global financial crisis in 2008-09.
Noting that rapid and broad-based economic growth was
essential for inclusive development, Singh said India was
today widely seen as poised to embark on a sustained high
growth path of the type achieved by a handful of countries.
"We are determined to deliver on this promise so that
India moves rapidly into the ranks of middle income countries,
free of the burden on poverty, ignorance and disease that has
held us down for so long," he said.
As per World Bank classifications, India is ranked
among lower-middle income economies along with countries like
Sri Lanka, China, Pakistan, Iraq and Indonesia.
Countries like the US, UK, Australia, France, Germany
and Japan are ranked as high-income economies, and those like
Brazil, Malaysia, Mauritius, Turkey and South Africa are
upper-middle income economies.
In the annual report card, Singh further said the
government would look to chart an economic growth process that
was "socially inclusive and regionally balanced. "We will
endeavour to reduce inequities and inequalities that exist in
our country," he added.
The government said it has also simplified its foreign
direct investment policy and steps have been taken towards an
improved taxation environment through Direct Tax Code and
Goods & Services Tax regimes.
While listing out growth in various sectors of the
economy, the government also said it was promoting people's
ownership of PSUs through its disinvestment programme.
It also said that efforts have continued to strengthen
the country's energy and infrastructure sectors, which have
been identified as key areas for the India's economic growth.
The government also said that it would seek to
encourage "responsible corporate behaviour" through the
Companies Bill, 2009.
"The bill incorporates a number of investor protection
measures and it will encourage responsible corporate behaviour
through innovative provisions of law," it added.
About the public sector enterprises, the government
said that they were are likely to earn an aggregate annual
profit of Rs 5,551 crore during 2010-11.
The 32 operating public sector enterprises (PSEs),
under the Department of Heavy Industry, have achieved an
aggregate turnover of over Rs 45,219 crore in the 2010-11
showing a growth of 13.02 per cent.
It further said that out of 16 sick or loss making
PSEs, whose restructuring was approved, with a total financial
assistance of Rs 8,293.48 crore, as many as eight have started
earning profits.
In order to revive the sick companies, the government
has taken various steps which include setting up of the Board
for Reconstruction of Public Sector Enterprises (BRPSE)
rate of 8.5 per cent in the past seven years of its rule, the
United Progressive Alliance (UPA) government Sunday said high
prices still remain a major concern and hinted at more steps
to contain inflation, especially for the poor and vulnerable
sections.
Presenting its annual report card for the year
2010-11, the government said it would seek to contain food
inflation through measures for higher production of various
agriculture products, while minimising the impact of high fuel
prices on 'poor and vulnerable' of the society.
At the same time, the government presented a bullish
stance on the state of economy and pegged the average growth
rate between 2004-05 and 2010-11 at 8.5 per cent and said it
was determined to take India to the select league of "middle
income countries".
In the report card being presented every year ever
since UPA government came to power in 2004, Indian Prime
Minister Manmohan Singh also said the government has taken
many steps to improve production of agriculture commodities to
contain inflation and intends to take more steps in future.
"Food inflation was a major concern in 2010-11,"
Singh, said, while adding that various measures were taken by
the government to address the problem.
Noting that high fuel prices reflected the global
trends, the government said that it was committed to ensuring
availability of cooking fuels to the common man at affordable
prices.
While prices of petrol and diesel will be market
determined, the overall impact on the poor and the vulnerable
was being minimized, it said.
Singh said that the economy grew at an unprecedented
8.5 per cent growth rate from 2004-05 to 2010-11, despite a
severe global financial crisis in 2008-09.
Noting that rapid and broad-based economic growth was
essential for inclusive development, Singh said India was
today widely seen as poised to embark on a sustained high
growth path of the type achieved by a handful of countries.
"We are determined to deliver on this promise so that
India moves rapidly into the ranks of middle income countries,
free of the burden on poverty, ignorance and disease that has
held us down for so long," he said.
As per World Bank classifications, India is ranked
among lower-middle income economies along with countries like
Sri Lanka, China, Pakistan, Iraq and Indonesia.
Countries like the US, UK, Australia, France, Germany
and Japan are ranked as high-income economies, and those like
Brazil, Malaysia, Mauritius, Turkey and South Africa are
upper-middle income economies.
In the annual report card, Singh further said the
government would look to chart an economic growth process that
was "socially inclusive and regionally balanced. "We will
endeavour to reduce inequities and inequalities that exist in
our country," he added.
The government said it has also simplified its foreign
direct investment policy and steps have been taken towards an
improved taxation environment through Direct Tax Code and
Goods & Services Tax regimes.
While listing out growth in various sectors of the
economy, the government also said it was promoting people's
ownership of PSUs through its disinvestment programme.
It also said that efforts have continued to strengthen
the country's energy and infrastructure sectors, which have
been identified as key areas for the India's economic growth.
The government also said that it would seek to
encourage "responsible corporate behaviour" through the
Companies Bill, 2009.
"The bill incorporates a number of investor protection
measures and it will encourage responsible corporate behaviour
through innovative provisions of law," it added.
About the public sector enterprises, the government
said that they were are likely to earn an aggregate annual
profit of Rs 5,551 crore during 2010-11.
The 32 operating public sector enterprises (PSEs),
under the Department of Heavy Industry, have achieved an
aggregate turnover of over Rs 45,219 crore in the 2010-11
showing a growth of 13.02 per cent.
It further said that out of 16 sick or loss making
PSEs, whose restructuring was approved, with a total financial
assistance of Rs 8,293.48 crore, as many as eight have started
earning profits.
In order to revive the sick companies, the government
has taken various steps which include setting up of the Board
for Reconstruction of Public Sector Enterprises (BRPSE)
