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India UPA Govt's wrong economic policies caused price rise, says Gadkari
Bharatiya Janata Party on Monday slammed Congress-led United Progressive Alliance government for the price rise of commodities and held its wrong economic policies as the reason for the prevailing condition. Speaking in the national capital, BJP President Nitin Gadkari said whenever Congress party came into power, the inflation increased. "Whenever Congress has come into power, inflation has increased. Inflation stands at 10 percent and food inflation stands at 20 percent. And this is because of wrong economic policies," said Gadkari. Though blaming Union Minister for Agriculture and Food Sharad Pawar for his failure to curb price rise, Gadkari opted to slam the Central leadership in totality. "This is a failure of Sharad Pawar. However, having said this, UPA is also responsible for the price rise. This is the total failure of the UPA. The prime minister, the group of ministers, and the UPA chairperson, Sonia Gandhi, are also responsible. The others, cannot escape by blaming Pawar," said Gadkari. India's food price index rose an annual 17.56 percent in late January, just ahead of the Reserve Bank of India (RBI) setting the stage for rate hikes by raising banks' cash reserve requirements more than what markets had been expecting. As persistently high food prices spill over into broader inflation and stoke public anger, government officials and the RBI are walking a fine line between controlling prices and nurturing the recovering economy. The government is expected to issue the latest crop estimates next week. In November 2009, the government said the country's summer-sown rice output would fall by 18 percent, while the sugarcane production would drop 9 percent-a forecast that is believed to have raised the spectre of higher food prices and large imports of sugar and rice. The government has also claimed of having initiated a series of measures to control sugar prices. (ANI)
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