Frontier India Current Affairs

Written on May 18, 2008 – 4:56 pm | by FICA |

After blaming a host of reasons and failing to control inflation arising out of his poor financial management, Indian Finance Minister Chidambaram told reporters. “Unless crude prices decline, I’m afraid we are stuck with high inflation.”

Speaking on the sidelines of the Businessworld FICCI-SEDF Corporate Social Responsibility Award 2007 function on 16th May, Chidambram claimed that “While there has been some moderation in the inflation rate for primary articles including food, these are difficult times. The situation is indeed worrying as inflation in the fuel, power, lubricants group in the Wholesale Price Index continues to rise due to high crude oil prices.”

He also spoke about some vague administrative function to control inflation else “I reserve the right to administrative action.”

After mismanagement of the economy, Chidambram lectured “while growth can be sustained by good governance and good politics, inclusive growth could only be sustained through social conscience which will lead to social responsibility. He appealed to industry to employ one lakh differently-abled people for which the government will foot the ESI and EFP bill for the first three years.”