New Delhi:
Prime Minister Manmohan Singh on Monday ruled out any rollback in petrol and diesel prices, saying the economy has the capacity to absorb the increase without triggering inflationary pressure.
"Any increase in prices does hurt some people, but we have to take a long-term view," he told reporters accompanying him on his way back home from Saudi Arabia.
Singh made it clear following populist fiscal policies for long harm the economy.
"We cannot save people from inflation if we follow all populist fiscal policies. Sooner or later these populist policies if persisted for a long time to come will lead to the erosion of the investment climate," he said.
The Prime Minister was asked about growing concerns over the recent hike in oil prices and the ripple that may have.
Protests against fuel hike
As the PM remains firm on fuel prices several protests are taking place on Tuesday against the Centre's hike in fuel prices.
"Any increase in prices does hurt some people, but we have to take a long-term view," he told reporters accompanying him on his way back home from Saudi Arabia.
Singh made it clear following populist fiscal policies for long harm the economy.
"We cannot save people from inflation if we follow all populist fiscal policies. Sooner or later these populist policies if persisted for a long time to come will lead to the erosion of the investment climate," he said.
The Prime Minister was asked about growing concerns over the recent hike in oil prices and the ripple that may have.
Protests against fuel hike
As the PM remains firm on fuel prices several protests are taking place on Tuesday against the Centre's hike in fuel prices.
- There's a bandh call in Kerala today; public and private transport will be affected.
- The BJP has declared a dawn to dusk bandh in Uttar Pradesh today
- And Andhra's key opposition party the Telugu Desam Party along with Left parties will stage joint protests today
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