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Our Bureau

New Delhi, May 22

The steps taken by the Government and an expected good monsoon will bring down prices and inflation would return to moderate levels, the Prime Minister, Dr Manmohan Singh, said here today while releasing the four year report card of the UPA Government.

The wholesale price index-based inflation has surged to a three-and-a-half year high of 7.83 per cent in May and has stayed above the central bank’s upper tolerance level of 5.5 per cent for the past 11 weeks.

Stating that the Government determined to increase pace of development, the Prime Minister said that “we are on a growth trajectory and at this rate we will be able to get rid of chronic poverty”.

The economy grew by 8.7 per cent in 2007-08 against 9.6 per cent in 2006-07.

Talking on the farm sector, the Prime Minister said that terms of trade for farmers had improved. Also there had been major investments in building up rural infrastructure and various irrigation projects, he said.

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