Let consumer pay for phoren goods: Montek
Users of costly imports, including oil, will have to pay higher prices, in line with the global prices of such goods.
By TNN |
BANGALORE: If Planning Commission has its way, users of costly imports, including oil, will have to pay higher prices, in line with the international prices of such goods.
���We have suggested that during the 11th Plan, in the medium term, those who are heavy users of such commodities pay a price that reflects the international price of the imported commodity,��� Planning Commission deputy chairman Montek Singh Ahluwalia said here on Wednesday.
Any subsidies would have to be targeted and only the vulnerable sections of the society should benefit, he stated. Paying a reasonable price for fuel would allow domestic oil refining and marketing companies to invest for future.
Mr Ahluwalia said that investment in infrastructure must increase from 5% of GDP in 2007 to 9% of GDP by 2012. This would require an investment of $500 billion, and if a business-as-usual attitude was adopted, the country would be able to attract only $350 billion.He reiterated that inflation would be contained and that prospects for growth were bright: a good monsoon was anticipated, public procurement was robust and the consumer insulated against high crude prices.
���We are confident of 8-8.5% (GDP) growth. Even if we achieve the lower limit, it would be an extremely good performance given what is happening globally.���
���We have suggested that during the 11th Plan, in the medium term, those who are heavy users of such commodities pay a price that reflects the international price of the imported commodity,��� Planning Commission deputy chairman Montek Singh Ahluwalia said here on Wednesday.
Any subsidies would have to be targeted and only the vulnerable sections of the society should benefit, he stated. Paying a reasonable price for fuel would allow domestic oil refining and marketing companies to invest for future.
Mr Ahluwalia said that investment in infrastructure must increase from 5% of GDP in 2007 to 9% of GDP by 2012. This would require an investment of $500 billion, and if a business-as-usual attitude was adopted, the country would be able to attract only $350 billion.He reiterated that inflation would be contained and that prospects for growth were bright: a good monsoon was anticipated, public procurement was robust and the consumer insulated against high crude prices.
���We are confident of 8-8.5% (GDP) growth. Even if we achieve the lower limit, it would be an extremely good performance given what is happening globally.���
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