Wednesday, August 3, 2011

"Corruption responsible for price rise"

Corruption is chiefly responsible for growing price rise, senior Lok Sabha members said today.
Initiating the debate under Rule 184, BJP members and former finance minister Yashwant Sinha said corruption leads to "conspicuous consumption" which is bound to have impact on growing price rise and inflation. His views were readily agreed by at least two members Mr Sharad Yadav of JD-U and Shailendra Kumar, Samajwadi Party.
Sharad Yadav said the growth has being pursued at present is jobless. "Unlike in NDA when at least we had opened avenues for 60 lakh jobs," he said.
Agreeing with Sinha’s diagnosis, he said besides corruption, the menace of black marketing is principally responsible for growing inflation.
He wondered why oil subsidies are being given even to well-to-do hotel industry.
"Corruption is the biggest cause of price rise," Sinha said.
The former finance minister also said the government had huge stocks of food grain but it was not being given to the poor. The food grain are rotting in warehouses, he said.
He said just by bringing about 25 million tonnes of its stock of food grain to the market the government can contribute to help bring down food prices.
He also said that once food prices come down, it will also have an impact on prices of other commodities.
In its response, the government fielded new law minister Salman Khurshid, who rubbished charges leveled by the main opposition BJP that it lacks seriousness in taming rising prices and inflation.
“All leading economies are battling high inflation. It is a global phenomenon," he said.
It's a fact that emerging economies from Sri Lanka to Ukraine are reeling under inflation ranging from 6 per cent to 20 per cent.
He mentioned that schemes like MGNREGA, National Rural Health Mission and described them as far sighted ones.
It is the Prime Minister’s leadership that India has emerged as a role model in running the economy. "I am not saying all is well, we still need to do some more," he maintained.

“Government is now releasing excess food stock through public welfare schemes for the BPL families," he added.
(ends)

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