PM concerned about ongoing financial crisis

Onboard Air India One, Oct 26 : Prime Minister Dr. Manmohan Singh while talking to reporters on board his special aircraft on his way back to New Delhi from Beijing, has expressed concern about the ongoing inflation and financial crisis.

Dr. Singh said: "To say that I am not worried would not be correct. Being a Prime Minister, it is my duty to be worried when things don't move as planned."

"We have had a reasonably good run. I will be the last person to deny that last few months inflation had become a problem Because of the global factors; the financial crisis is having some effect on our economy. Therefore we are obliged to take corrective measures," he added. When asked how long the India will bore the brunt of international crisis, Dr. Singh said, "It all depends upon how long it takes to restore confidence to the global market financial markets. We are not in complete control. There are bigger players in this. We are victims of that."

"The crisis is not of our making. It is which originated elsewhere in the US and Europe. A type of integrated world economy we live in, we are not immune of being affected," he added. he Prime Minister also confirmed that he has been invited by US President George W Bush to attend G 20 meeting on financial crisis, which will take place in Washington on November 15.

On Thursday, riding on back of lower prices of food and non-food items inflation fell to 11.07 per cent for the week ended October 11, from 11.44 per cent a week ago. The prices of fruits and vegetables and eggs declined during the week. And in the non-food category, sunflower and raw cotton became cheaper. On account of lower prices of furnace oil the index of fuel group too declined marginally by 0.1 per cent. During the week, the prices of other goods that declined were imported edible oil, oilcakes, polyester, staple fibre and ingots of lead and zinc. However, tea, ghee, maize, rice, masoor, raw tobacco, mustard seed, lubricants, cotton yarn became expensive during the week.

ANI