Govt. taking all measures to control inflation: Manmohan Singh

New Delhi, Aug 15 (ANI): Prime Minister Dr Manmohan Singh said the Central Government is taking all measures to control inflation, which is hovering around 10 percent for the last several months.

"I know that in the last few months high inflation has caused you difficulties. Today, I do not want to go into the detailed reasons for high inflation," said Dr Singh addressing the nation from the ramparts of the majestic Red Fort on the 64th Independence Day.

But, I would certainly like to say that we are making every possible effort to tackle this problem. I am also confident that we will succeed in these efforts," he added, admitting that the poorer sections of the society are the worst hit due to rising food prices.

The Prime Minister said the Government has always taken care to provide remunerative prices to farmers so that they are encouraged to increase production.

"But one effect of providing higher prices to farmers is that food prices in the open market also increase. It is our responsibility that we manage our economy with prudence so that our development is not affected adversely in the future because of high debt," said Dr Singh.

"The subsidy on petroleum products has been increasing every year. It had become necessary therefore to increase the prices of petroleum products. If this had not been done, it would not have been possible for our budget to bear the burden of subsidy and our programmes for education, health and employment of the poor would have been adversely affected," he added.

Dr Singh further announced that the Borlaug Institute of South Asia is being established in India, which would facilitate availability of new and improved seeds and new technology to the farmers of India and other countries of South Asia. (ANI)