Advani on inflation: Balloon of so-called Dream Budget has burst

April 7th, 2008 - 5:46 pm ICT by admin  

Manmohan Singh

New Delhi, Apr 7 (ANI): Criticising the Congress-led UPA Government for spiralling inflation that has touched a three year high mark, Bharatiya Janata Party Prime Ministerial candidate L K Advani on Monday said that the balloon of the so-called Dream Budget has burst.

The balloon of the so-called Dream Budget has burst. The governments own figures show that the inflation rate has risen to 7 per cent, said Advani.

He further said that this is how the Congress Party has kept its promises of caring for the aam aadmi (common man), in whose name it sought the mandate in 2004.

As far as the common man is concerned, price rise means daily loot from his meagre family budget, he added.

Advani said that the UPA Government’s failure to curb inflation reminded him that whenever the Congress has come to power at the Centre, price rise and corruption have also come along.

He also warned the Congress that the people would make the party pay a heavy price whenever the elections are held.

In order to check inflation, the Cabinet Committee on Prices (CCP) chaired by Prime Minister Manmohan Singh had decided to abolish import duty on all crude edible oils, including palm and soya, and banned the export of non-basmati rice and pulses.

The Central Government also decided to raise the minimum export price of basmati rice to 1,200 dollars per ton from 1100 dollars, to balance the demand ” supply in the domestic market and to cut import duty on butter and clarified butter (ghee) from 40 per cent to 30 per cent, besides, the 15 per cent import duty on maize was abolished, applicable on import of up to five lakh tons.

The CCP also advised states to impose limits on stocks of commodities under the Essential Commodities Act, besides asking steel producers not to raise prices.

The study done by a business conglomerate reveals that the Central Government’s efforts to contain inflation will come start-yielding results by August when inflation is likely to fall at four per cent.

Experts believe that after all possible measures taken by the government, now, everyone is waiting for Reserve Bank of India’s (RBI) annual credit policy that will be revealed on April 29. (ANI)

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