Price rise global trend, economy on track: PM

On one hand he flaunted the average 9% growth per annum as one of the most significant achievements of his government, on the other he lauded the efforts to keep inflation under control in the range of 3-4% despite global crude oil prices nearing $100-a-barrel mark. He was, however quick to add, ?We must keep in mind that global prices of basic food commodities have seen a rapid rise for a variety of factors. We do not have any control on these factors. However, it will be our constant endeavour to ensure that essential food items are available to the poor and needy at a reasonable cost.?

After a long time the country had achieved an average agriculture growth rate of 4% in the last three years, he said, adding that there would be some relief from the beneficial effects of the initiatives to increase agricultural output.

Harping on the growth figures, Singh said if the country continued on this growth path, the poverty rate would be reduced to ?a single digit figure? within the next decade. ?So far, the UPA government has presented four budgets, and it is a matter of pride that our expenditures on most development programmes have more than doubled on average. The secret behind this massive expansion in financial outlays is the rapid economic growth that we have managed to bring about,? the Prime Minister said in the presence of Congress president Sonia Gandhi and other senior AICC leaders and ministers.

During the session, various speakers, including Sonia Gandhi, asked the government to consider strict measures to control inflation and price rise. The AICC resolution has also taken a ?serious note? of the rising prices and said most of the prices is ?being paid by the aam aadmi?.

Talking on the controversial Indo-US civilian nuclear agreement, Singh said the government was in the process of ?finalising a historic agreement with the United States which will enhance our prospects of increasing the production of nuclear power?.

?We need to locate new sources of energy if we want to maintain our growth rate and we want to eliminate poverty. One possible source is nuclear power. The nuclear deal is an effort to open closed doors so that we can obtain nuclear fuel and technology from other countries, such as the US, Russia and France, and remove the shortage of electricity in the country. You need to understand this reality and explain it to our people,? he told the AICC members.

?We are also investing in rural infrastructure through Bharat Nirman and plan to provide road, electric and telecom connectivity to every village. It is only through Bharat Nirman can we build a new India,? he added.

Asserting that there was no dearth for funds for developmental activities, he urged his partymen to ensure that states were utilising the central funds properly.