Home ECONOMY PM hails economic growth, concedes inflation a major issue

PM hails economic growth, concedes inflation a major issue

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New Delhi, Jan 3 :

The rate of growth achieved in the last nine years of UPA rule “is the highest in any nine year period”, Prime Minister Manmohan Singh said Friday.

Equally important, he told a media conference here, was that the growth process was made more inclusive than ever.

Prime Minister Manmohan Singh said inflation remained unexpectedly high and adequate jobs were not created in the manufacturing sector during his decade long tenure.

“I am concerned that we have not been as successful as we need to be in generating employment in the manufacturing sector. This is an aspect of performance which we are working hard to correct,” he told the media.

“We need a much stronger effort in support of small and medium enterprises which can be a major source of good quality employment. Our manufacturing strategy gives high priority to this objective for the future,” he said.

Manmohan Singh said the second biggest concern on the economic front was inflation.

“We have also not been as successful in controlling persistent inflation as we would have wished,” he said.

“This is primarily because food inflation has increased. However, we should remember that our inclusive policies have put more money in the hands of the weaker sections.

“To keep food prices in control, we need to increase supplies and also improve marketing arrangements and logistics. This is especially important for items which are perishable such as fruits and vegetables,” he added.

(IANS)