PM defends diesel price hike


NEW DELHI: Prime Minister Manmohan Singh on Saturday defended the diesel price hike saying it wasn't wrong.

"The recent increase in diesel prices is a move in the right direction," Manmohan Singh said addressing the Planning Commission meet.

He indicated that the government was looking at growth-oriented reforms and stressed on the need to increase private investments.

"Our immediate priority should be rebound in this year. This will yield a target rate of 8.2 per cent which is lower than the targetted 9.7 per cent. To achieve target of 8.2 pc growth, we need to increase private investments”, he said.

He said that inclusive growth was important in such difficult times.

"The 12th Plan is starting in a year when the world economy is facing difficulties and our economy has also slowed down," he said, adding “We ended the 11th Five Year Plan with some achievements. The economy grew at 7.5 per cent.”.

Manmohan Singh said the country needed a trillion dollar investment and invited investments for growth in agriculture and other sectors.

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