World Bank, PM express concern over rising oil, food prices
World Bank President Robert B Zoellick and Prime Minister Manmohan Singh have expressed concern over the impact of increasing oil and food prices in the international market.
By PTI |
NEW DELHI: World Bank President Robert B Zoellick and Prime Minister Manmohan Singh have expressed concern over the impact of increasing oil and food prices in the international market.
"Both the Prime Minister and I independently expressed concern about some of the effects of continuing high oil prices and high food prices," Zoellick, who met Singh yesterday, told newspersons here today.
One way to deal with the problem is to improve energy efficiency, he said, adding that it would also be helpful in tackling the issues concerning global climate change.
The crude oil prices have been rising incessantly and are near the 100 dollar a barrel mark. Concerned over the impact of high crude prices on profitability of oil marketing companies, petroleum minister Murli Deora met the Prime Minister yesterday to explore the options to deal with the problem.
Reserve Bank governor Y V Reddy too has recently underlined the need for at least partial pass through of the crude oil prices in the international market.
Referring to rising food prices in the global market, Zoellick said though it would be beneficial for the farmers, "it can also increase the prices for consumers."
The World Bank, he said, can help India ease the process of transition for farmers as they move from basic crops to commercial crops.
During his three-day stay in India, the World Bank chief also met Finance Minister P Chidambaram, Commerce Minister Kamal Nath, RBI Governor Y V Reddy and Planning Commission Deputy Chairman Montek Singh Ahluwalia.
"Both the Prime Minister and I independently expressed concern about some of the effects of continuing high oil prices and high food prices," Zoellick, who met Singh yesterday, told newspersons here today.
One way to deal with the problem is to improve energy efficiency, he said, adding that it would also be helpful in tackling the issues concerning global climate change.
The crude oil prices have been rising incessantly and are near the 100 dollar a barrel mark. Concerned over the impact of high crude prices on profitability of oil marketing companies, petroleum minister Murli Deora met the Prime Minister yesterday to explore the options to deal with the problem.
Reserve Bank governor Y V Reddy too has recently underlined the need for at least partial pass through of the crude oil prices in the international market.
Referring to rising food prices in the global market, Zoellick said though it would be beneficial for the farmers, "it can also increase the prices for consumers."
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The World Bank, he said, can help India ease the process of transition for farmers as they move from basic crops to commercial crops.
During his three-day stay in India, the World Bank chief also met Finance Minister P Chidambaram, Commerce Minister Kamal Nath, RBI Governor Y V Reddy and Planning Commission Deputy Chairman Montek Singh Ahluwalia.
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