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03.08.2010
*SHRI M.I. SHANAVAS (WAYANAD): Our economy faced great challenges
within the past few years. The economy was fast growing till 2007 and the world
recession rattled our economy and the growth rate slumped from 9% to 6.7% and
again to5.8% during the last quarter of 2008. World was in turmoil, with prudent
management, India over came the situation. When the global economy contracted
by 0.5% in 2009 with massive job losses/India grew by 7.4%. This was the second
highest growth rate in the world. During the great recession of 2008-09, hundreds
of banks failed all over the world. In India not a single bank failed. There was no
major credit crisis. This was due to our superior financial and monetary
management. The British Prime Minister, David Cameroon in his recent visit to
India recognized this superiority of India's financial and monetary management.
This achievement has to be recognized and surely, UPA II should be congratulated.
Now let me take the attention of this August House to the recent developments
on the price rice issue. The opposition's response to the petroleum price hike is
illogical. It was BJP's Yashwant Sinha who first removed the APM (Administered
Price Mechanism) on petroleum products while he was the Finance Minister. Then,
he claimed it as the most progressive measure. To say that the same policy being
implemented now is regressive is pure double standard.
I don't want to make a political speech on this issue of price rice on which
every body in this House and out side is concerned. It is really amusing that a new
attempt to create a 1977 like grand alliance is emerging. It seems and it is really
shameful that the lefts are performing on the floor of the house with a tacit
understanding with BJP and they are dancing to the tune of the band masters of
BJP. Mulayam Singh ji has not learnt a lesson even after apologizing for having
allied with Kalyan Singh. Your peril is looming large upon you. Your crocodile
tears which the whole country is witnessing on this price rice issue is nothing but a
* Speech was laid on the Table
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