With the new government in place at New Delhi, the business of running an administration in the country has again gotten underway in full swing. The union and railway budgets slated to be presented in the parliament next month would give us clear signals of what this government’s programmes and plans are.
I would like to see the government take effective and sustainable measures to bring down the prices of daily items. While the inflation has come down to near zero levels, the prices of food, vegetables and other daily use materials are still very much on the higher side. The prices of some of the materials like the sugar are still rising at an alarming rate. In spite of having high stocks available with the FCI, the common man is not getting the benefit. The Murli Manohar Joshi Committee’s report, cautioning against the FDI and Indian corporate investments in retail sector should be given due consideration.
Unfortunately, the petroleum minister is again harping on increasing the fuel prices. Every time he makes an announcement about impending changes in the price regime, the retailers start hoarding or cutting down on stock intake depending upon the direction in which the changes are expected. And another hike in the fuel prices will trigger fresh round of price rise.
Also, the government must be seen as serious about getting the banks to lower the interest rates. It is unfortunate that even after the Finance Minister and the RBI sending out clear signals, the banks have failed to reduce the interest rates. More worrying is the fact that the banks are still very much reluctant to allocate fresh loans to the customers. Ensuring the availability of funds is vital to get the economy back on track.
The UPA must remember that the fresh mandate is more in favour of a stable polity than an endorsement of its track record. Unlike in the previous government, this time around the Congress cannot blame its allies for all that goes wrong. The UPA must get it right in the upcoming budget.
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