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Govt to take stronger fiscal, monetary steps: FM
Published on Fri, Jun 20, 2008 at 13:54 , Updated at Fri, Jun 20, 2008 at 22:43
Source : CNBC-TV18
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Finance Minister P Chidambaram said the hike in petrol price was unavoidable, reports CNBC-TV18. "The government had warned the Cabinet about the fuel price hike pushing inflation. So, a rise in inflation was expected. About 94% of the increase over the last week was due to petroleum products." According to Chidambaram, the government will have to look at stronger steps on the fiscal, Monetary side. UPA Chairperson Sonia Gandhi today said after the inflation numbers were released that the country has managed to keep fuel prices low for the common man. She said, "Those people who are politicizing price rise should know that even though international crude prices were much lower during their time, they still increased fuel prices. But we have managed to keep the fuel price low for the common man." While CPI(M) believes inflation going up to 11.05% is a direct result of fuel hike. He said, "It is going to have disastrous effects on living standards of people. The Manmohan Singh government is squarely responsible for the dismal situation. It cannot escape by blaming global inflation." He further said that the government refused to take measures suggested by the Left parties. The CPI(M) has called upon people to mobilize a wave against price rise. |
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