PM blames bad monsoon for inflation

New Delhi: Worrying over slow growth rate and inflation,  Prime Minister Manmohan Singh on wednesday said that bad monsoon will pose some difficulty in curbing inflation.

In his Independence Day speech, Prime Minister said the country’s economic growth has been affected due to global slowdown and problems within the country.

Emphasising that inflation must be controlled, Singh said bad monsoon would play a spoil-sport. “…We must control inflation. This would pose some difficulty because of a bad monsoon this year,” he said.

Monsoon rains have been 16 per cent lower so far affecting sowing of crops. Prices of food articles remain stubbornly high in the face of drought-like-condition in several states.

Singh conceded that the country has not been able to create a conducive environment for achieving rapid economic growth because of lack of political consensus on many issues.

In a message to political parties, he said: “Time has now come to view the issues which affect our development processes as matters of national security”.

As the coalition UPA government has not been able to implement several key reforms like foreign investment in multi-brand retail and liberalising the insurance, banking and pension sectors, it faces criticism of policy paralysis.

Singh cautioned if the economic growth is not increased, new investments are not encouraged, and livelihood security of the common man and energy security are not ensured, “then it most certainly affects our national security”.

He emphasised that “we have to create confidence at the international level that there are no barriers to investment in India”.

Although overall inflation fell to 6.87 per cent in July, from 7.25 per cent in June, the rate of rise in food prices was above 10 per cent. While prices of vegetables were up 24 per cent – on annual basis – eggs, meat and fish spurt 16 per cent and pulses became costlier by 28.26 per cent.

On drought-like conditions in some parts of the country because of deficient monsoon rains, Singh said the government has taken steps to deal with the situation and assured that the government has huge foodgrain stock.

“Our effort is to ensure that people do not face difficulty due to shortage of seeds, fodder or water in any part of the country. It is good that we have a big stock of foodgrains…And availability of foodgrains is not a problem,” he added.

Singh said diesel subsidy is being provided to farmers in districts where there has been a rain deficit of 50 per cent or more. That apart, the government has enhanced seed subsidy and allocated higher funds to boost fodder supply.
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