Addressing the Annual General Body meeting of the Confederation of Indian Industries (CII) in New Delhi today, the Prime Minister said that the industry must also pass on the benefits of tax and duty cuts to consumers. "The prospects for domestic growth remain good if we can ensure price stability that will help sustain the growth momentum," he added.
The Prime Minister reiterated that the Government is fully alive to the challenge and has taken several steps to reverse the recent spurt in prices. "I am confident that we will be able to moderate the price rise," he added.
Referring to the sharp rise in world oil prices, the Prime Minister said that this has the effect of redistributing incomes away from oil importing developing countries to oil exporting countries.
Expressing his deep dismay on this, Dr. Singh said "Global response to this Third Energy Crisis has fallen short of our expectations and compares poorly with the response to the First and Second oil crisis".
