CALCUTTA: The chief minister of the east Indian state of West Bengal Jyoti Basu Thursday said the prebudgetary steps and budget proposals would hard hit the common people as those would further the cause of inflation unemployment and balance of payment crisis.
There is indeed urgency for an alternative approach along the lines we have already suggested Mr Basu in a statement here said.
The federal budget he said instead of being viewed in isolation might be held as one component of the total package consisting of the sharp devaluation of the rupee pre-budgetary administered price hikes increase in bank interest rates and statements on the trade and industrial policies. The chief minister said that all pre budget policies had already enhanced the inflationary pressure and liberalized imports.
Increase in administered prices in the budget and absence of any comprehensive public distribution system at the national level will also increase the inflation rate
Article extracted from this publication >> August 2, 1991
