New Delhi, Oct 12 (UNI) The Congress today hailed as "historic, landmark, bold and innovative" the decision of the Union Cabinet to avoid a hike in the retail prices of petrol and diesel and instead issue oil bonds worth Rs 23,000 crore to Oil Marketing Companies to cover 42.7 per cent of the under-recoveries arising from the rising crude prices in the international market.
AICC Spokesman Abishek Manu Singhvi told mediapersons that the decision, besides being pro-people, was farsighted as it controlled the cascading effects on other products in the event of the prices of oil products going up.
"It withstands a huge international pressures which are inflationary in nature," he said, adding that it was, in fact, the idea of Congress President Sonia Gandhi to relieve the "aam aadmi" of the burden due to oil prices hike.
"We congratulate the Government and the Prime Minister on converting into reality the recommendation of the Congress and its President to ensure maintenance of price of oil and oil products," he said.
He said the decision was innovative because it sought to issue bonds to protect oil companies and also protect the vulnerable section of the society.
Dr Singh said the party also welcomed the new national policy on land acquistion and resettlement annouced by the government yesterday.
The new national Policy on Rehabilitation and Resettlement seeks to provide land-for-land compensation for acquisition of land for development purposes, including special economic zones (SEZs), and employment to at least one person from each affected family.
"The safeguard in land acquisition is unparalleled in the world and it reflects the footprint of the Congress," he said.