Saturday, June 21, 2014

Government will take time to control inflation: Arun Shourie

KANPUR: With inflation touching a five-month high of 6.01 per cent in May, senior BJP leader and former Union Minister Arun Shourie today said the new government will take some time to control rising prices. 

"Inflation is not like an electric switch that can be turned off or on anytime...the new government will take some time to control the rising prices," he said. 

Shourie was talking to reporters on the sidelines of the 46th convocation ceremony of IIT Kanpur, where he was awarded a 'Doctor of Science' degree. 

His remarks came against the backdrop of rising prices of essential food items like vegetables, fruits and cereals that pushed up inflation to five-month high of 6.01 per cent in May. Food inflation stood at 9.50 per cent last month, while the manufactured inflation was 3.55 per cent. 

Shourie blamed the previous UPA government for the price rise, saying, "During the UPA regime, India's debt had increased considerably. So the new government may have to take a few tough economic decisions. Only then inflation will be controlled." 

Holding the UPA government responsible for India's slow growth, he said, "The previous government had considerably reduced development expenditures because it could not decrease the non-development expenditures. For this, the new government will have to take some tough decisions on the economic front only then will the people get relief from inflation." 

Chairman of the Indian Space Research Organisation (ISRO) K Radhakrishnan was the chief guest of the function. 

Telling students about India's Mars mission, the ISRO chief said the biggest challenge will be on September 24 when the spacecraft is supposed to enter the orbit of Mars. 

If it is done successfully, India will be the first Asian country to place its spacecraft in the orbit of the planet and the world's first country to do so in the first attempt, he said. 

A total of 1,273 IIT students were awarded degrees at the ceremony.

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