PM Narendra Modi promises to rein in inflation
PTI June 11, 2014
Vowing to control inflation, Prime Minister Narendra Modi has said improving agriculture productivity through modern farm techniques and university-farmer collaboration hold the key to check price rise.
Retail inflation accelerated to a three-month high of 8.59 per cent in April, mainly due to increasing prices of vegetables, fruits and milk.
"No person should go to bed hungry," the Prime Minister said while stressing the government's resolve to bring food prices under check.
"We have promised to control inflation. We are determined achieve this target," he said. "We will do this (control inflation) not only because it is our election promise but we want every poor to have access to food," Modi said, adding that "this is the collective responsibility of all of us".
In its election manifesto, Bharatiya Janata Party (BJP) had promised that it would rein in prices if it came to power.
The manifesto had listed many steps to contain inflation, including a price stabilisation fund, setting up of special courts to deal with hoarding and black marketing, unbundling of the Food Corporation of India and establishment of national agriculture market.
Emphasising the importance of increasing farm productivity, Modi said there is a need for use of modern technique in the agriculture sector because farm land is shrinking with rising population.