He was speaking at a press conference specially organized in relation with completion of one year of UPA government in the office.
Talking on the issue of Inflation Prime Minister said the government is confident of bringing down inflation to 5-6 per cent by December, but blamed high prices on the global developments such as the financial crisis for this high rise in prices.
“Prices continue to be a matter of concern it is affecting the country"s masses but I believe by December we can bring it down to 5 to 6 per cent," he told reporters.
Mr. Singh said the government has been monitoring inflation and has been taking measures to check the rising prices, particularly food products hit by poor monsoons last year.
Prime Minister expects country's economy to grow by 8.5 per cent this fiscal and the country is capable of achieving 10 per cent growth in the medium term. “We need a rapidly growing economy to generate productive employment and also resources to finance our ambitious social and economic agenda," he said.