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India can
not go on a reverse growth path: Pranab
Saturday, September 11, 2010 09:47:04 PM,
IANS
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Kolkata:
Expressing concern over the rising food prices, union Finance
Minister Pranab Mukherjee Saturday said the Reserve Bank of India
(RBI) will take appropriate measures but asserted that the country
could not go on a "reverse growth path".
"Inflation is a concern. I am concerned that prices are
increasing," Mukherjee said here while addressing the 189th annual
general meeting (AGM) of the Calcutta Chamber of Commerce.
"As suggested, the RBI will take appropriate measures as and when
needed. But at the same time, I cannot go on a reverse growth
path," Mukherjee said.
The finance minister said the economy was likely to grow between
8.5-8.75 percent in the 2010-11 fiscal.
"The growth in the first quarter of 2010-11 was 8.8 (percent). But
I am a bit conservative. So I am sticking to my previous
projections of 8.5-8.75 percent growth," he said.
Mukherjee said it was the "constitutional duty" of the state
governments to strengthen the public distribution system (PDS) as
far as catering to the below poverty line (BPL) families was
concerned.
"It is the constitutional duty of the states who should not always
pass the blame for the shortfalls in the PDS to the central
government," he said.
Mukherjee iterated that he was opposed to multiplicity of taxes,
but said political consensus was needed for enforcing the goods
and service tax (GST).
He said there was a consensus on many aspects of the GST, but
unanimity was needed as getting the needed two-thirds majority in
both houses of parliament for ratifying the GST was not an easy
task.
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