The Government has ruled out roll back of fuel prices. It maintained that the present financial condition does not allow it to do so. Replying to the debate to complete the first phase of budgetary exercise in the Lok Sabha, the Finance Minister, Mr. Pranab Mukherjee acknowledged that the hike in the fuel prices may push the inflation by 0.4 per cent but he said there was no alternative to it as the international oil prices have raised dramatically in the last two years.<br/>Mr. Mukherjee said a series of measures have been taken to address the food inflation. Strongly rebutting opposition charges, Mr. Mukherjee said import of food grains and pulses at zero duty has been allowed to bridge the gap between the demand and supply. Dismissing opposition charges one by one, he said despite difficult economic situation, the domestic savings are around 32 per cent and expressed hope to raise it to 36 per cent.<br/>Referring to the unorganized sector, the Minister informed the House that the pension scheme for this sector is on anvil and said Karnataka and Haryana governments have already responded to the central proposal. The House later passed demands for grants on accounts for next fiscal.<br/>The opposition BJP and Left and other parties staged a walk out in protest the Finance Minister's turning down the plea of roll back prices of fuels.<br/>
News On AIR | March 13, 2010 2:05 PM
Pranab rules out roll back in fuel price hike