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The Indian economy's worst phase is over and the measures taken to control the sharp rise in food prices are taking effect, said the Prime Minister Manmohan Singh during his campaign for the Maharashtra state assembly elections, reported Media.
Dr. Singh expressed confidence in the rabi harvest inspite of the weakest monsoon since 1972 that impacted rice and sugarcane output. He attributed the rising food prices to drought and added that measures have been taken to control it. He said that the stimulus measures may continue as the economy was not operating at its full capacity.
The Prime Minister expects inflation to remain under check, helped by a normal Rabi season. Though the overall inflation is below 1%, high prices of essential goods especially food items have been affecting the common man.
To a query on a possible debt waiver for farmers, Dr. Singh said that it is only a one-time measure. He said once the debt of the farmers are cleared, the government intends to find out meaningful solutions to their current problems. He also said that the government has no intention of restricting salaries of the CEOs of companies.
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