Backing the budget proposal for cutting subsidies to two per cent of the GDP, Prime Minister Manmohan Singh said on Friday that the government will have to bite the bullet and stressed on faster, inclusive growth of the economy.
Alluding to the subsidy cuts announced by Finance Minister Pranab Mukherjee while presenting the budget for 2012-13, Manmohan Singh said it was a task that would require the government to adjust the prices of petroleum and other relevant products.
FULL COVERAGE:Union Budget 2012-13
"We have to bite the bullet. There is no other way to reduce subsidies," Manmohan Singh said in an interview to Doordarshan.
When asked whether the proposal has the backing of the government's allies, the prime minister said: "We will consult our allies and take them on board."
Stressing on the need for sensible decisions, Manmohan Singh said the biggest achievement of his government was that "we were able to protect the growth rate of our economy much better than other economies".
"We are in the league of frontrunners in the growth momentum," the prime minister said while stressing on "faster, sustainable and inclusive growth".