Business Daily from THE HINDU group of publications
Thursday, May 01, 2008
ePaper | Mobile/PDA Version | Audio
Business Daily from THE HINDU group of publications Thursday, May 01, 2008 ePaper | Mobile/PDA Version | Audio |
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Industry & Economy
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Economy Government - Politics Wrong diagnosis on inflation, says Yechury Our Bureau New Delhi, April 30 The CPI(M) has criticised the Government for making “wrong diagnosis” of the causes behind rising inflation. The steps announced by the Government to control inflation would in fact stifle the high growth rate, CPI(M) Polit Bureau member Mr Sitaram Yechury said here on Wednesday. Addressing a CII seminar on inclusive and sustainable growth in coalition politics, Mr Yechury said that “the diagnosis is wrong. Inflation has not occurred because people are demanding more food.” Stating that the reform process cannot be de-politicised, he said that there was a need to define the political objectives of inclusive, sustainable and non-inflationary growth. Pointing to speculation as the main cause of inflation, the CPI(M) leader said that internationally financial market players were focussing on commodity exchanges. The reduction in interest rates and money supply is causing the slowdown of industry and affecting the growth trajectory. “Micro-level orientation and fine-tuning of the delivery mechanism is needed,” he said. Speaking on the occasion, the Minister of Science & Technology and Earth Sciences, Mr Kapil Sibal, questioned the reasons for blaming the Government for price rise in a liberalised economy. More Stories on : Economy | Politics
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