Legal Document View

Unlock Advanced Research with PRISMAI

- Know your Kanoon - Doc Gen Hub - Counter Argument - Case Predict AI - Talk with IK Doc - ...
Upgrade to Premium
[Cites 0, Cited by 0]

Lok Sabha Debates

Further Discussion On The Statement Laid On The Table On 22 November, 2011 By The ... on 9 December, 2011

> Title: Further discussion on the statement laid on the Table on 22 November, 2011 by the Minister of Finance regarding the inflation situation in India, raised by Shri Gurudas Dasgupta on the 8th December, 2011 (Discussion concluded).

 

MADAM SPEAKER: The House will now take up Item No. 15. 

*SHRI PRALHAD JOSHI (DHARWAD): Today, we are adding to the series one more debate on price rise and food inflation.  Debate on debates have been recorded every session.  This Govt. is listening to the speeches of opposition, the anger and emotions and the discard and disgusts shown on this issue have failed utterly to wake up this Govt. which is constantly in deep slumber or on pretending to be in slumber.  This Govt. has lost all its sensitivity to such burning issue which every common man is being tormented. 

          This is not the first time the Indian masses feeling the brunt of price rise of food grains and other essential commodities. During the last year almost this time the prices of foodgrains sky rocketed and inflation in foods reaching a double digit like 18% to 20% the price of rice reaching Rs.40 kg and Dal Rs.100 Kg even the poor man’s foodgrain like jawar and ragi in my state going beyond the reach.  Even the poor man’s food rice and Dal have become a luxury for him.

          The Govt. far from getting to tackle this burning issue has been taking shelter under the argument the rising inflation and price rise is an international situation, the global melt down etc.  Our economist Prime Minister went on saying that the country which is fast growing and achieving economic growth year by year his bound to feel the price rise, and inflation is an inevitable feature in a growing economy.  But who is to buy his words of solace.  What kind of growth he is talking about.  Is he talking about that growth which is adding privilege on privilege to privileged class in our country leaving the unprivileged to their fate just showering upon them heaps of assurances that they will be very soon heroes of growth story which the Govt. is scripting only to be felt that it is not a growth story but a tragedy of poverty as the fruits of this growth or so called inclusive growth reaped by our rich only. 

          Yesterday our Finance Minister interrupting our opposition leader Smt. Sushmaji in the debate rose and said loudly that the food inflation has come down considerably from 9% to 6.80 % and there is no food inflation.  But in a common consumers understanding inflation is one thing but actually sensing the downward tendency of essential goods and commodities and services another thing.  I feel the problem of this Govt. is that it always takes solace and senses the economy on statistics and rest relieved that prices have come down.  I suggest Hon’ble Minister a simple thing to go to market as a common consumer with the statistics of food inflation in one hand and list of essentials like groceries in another hand and try to sense whether this 6.8% inflation rate has any impact on prices in the market.  As is rightly pointed out by many speakers it is only a seasonal respite in simple economic term.

          So let the Govt. stop in taking satisfaction of decreasing inflation and focus more on actually tackling price rise problem more with practical approach. According to me the Govt. should have a approach of tackling price issue as calamity or catastrophe because in my opinion price rise is really a menace a calamity for any economy.  It is as simple as understanding a simple thing like demand and supply theory.  Admittedly India is a growing economy per-capita income has increased considerably year by year we are recording growth of 8 or 9 %.  Though agricultural output is not up to the expectation but still we are growing sufficient food for domestic consumption.  We are said to have a bumper crops despite foods and droughts in some parts of the country.  Govt. foodgrain procurement has reached its targets.  Our FCI godowns are packed our industrial growth is maintaining its growth, we have a well organized transport system both on land and Railways.  The Railways are maintaining  a well balanced freight rates, even at a high operating ratio.  The infrastructure is developing.

          Then where does the problem lies.   A very last person of the set up puts a simply question then with all this flourishment why the goods and commodities, the foodgrains and other essential items are still beyond their reach.  Now, the turn is of the Govt. to reply this common man or Aam Adamis question.

          Now, I urge this Govt. to come out of this rhetoric’s of growth and downward tendency of inflation etc. and get to the business of streamlining PDS all over the country without saying it is for the state Govts. to do.  Dismantle the vicious network of black marketers and hoarders.  Keep a vigilant check on middle men in the movement of foodgrains from the farmers to the consumers.  Call Chief  Ministers of all states if felt necessary.  Review all those wrong exports import policies.  Stop all those reformist moves because reforms are not in the interest of domestic economy let the only agenda at the moment be of providing well organized and cheaper domestic market to the under privileged section of our society. 

                             

THE MINISTER OF FINANCE (SHRI PRANAB MUKHERJEE): Madam Speaker, first of all, I would like to express my appreciation to all the hon. Members who have participated in this discussion. 

          This House passed a resolution unanimously asking the Government to take effective steps to contain the inflationary pressure and as per directions, on the very first day of the House, beginning of the Winter Session, I prepared myself to make a Statement on the floor of the House as I considered it my responsibility to the House to respond to the collective wishes of the House which were reflected in the resolution.  Unfortunately, because of the practices now-a-days we have, I could not make the Statement and I had to place it on the Table of the House.  After that, it was decided to have a discussion on it under Rule 193 and hon. Member, Shri Gurudas Dasgupta, raised that discussion and a large number of Members participated in it. 

          At the very beginning, I would like to point out that discussions on price rise in any developing economy in the parliamentary forum is most common because inflation is also a common factor in all developing countries.  I do not remember a single Session of Parliament when we did not discuss the inflationary pressure. 

          Various points have emerged and surely in the course of my responses I will try to address those points and give the Government’s version. But, before that, I would like to appeal to the hon. Members, through you, Madam, to keep in mind, when we are discussing the inflationary pressure, the price rise, not only the state of economy of the country but we shall have to keep in mind the state of the world economy. Somebody may cynically observe as to what we have to do with the world economy.  Simply because of the fact that no country today lives in isolation, what happens in a small country, or a small event in any part of the country can convert itself into a major international crisis.  What happened actually in 2008?  Some banking institutions in some corner of USA, in order to have extra profit, made misjudgement in sub prime lending of the housing sector.  Sooner than later it engulfed itself into an international financial crisis which, the experts described, was almost equal to that of the Great Depression of the last century, of 1930s Depression.  Therefore, in that context, today when we are discussing in this Parliament, in the Parliament of the fourth largest economy of the world, in the Parliament of 1.2 billion plus population, in the Parliament of a country having an economy of 1.8 trillion US dollars, we cannot simply shut our eyes to the developments which are taking place around us in other parts of the world.  When the world economy started growing very modestly, suddenly we found that again there has been a turmoil.   Eurozone crisis is obstinately continuing.  Directly we do not have any relation with the high sovereign debt of Greece or Spain or Portugal, surely.  Even our banks do not have that much of exposure to these countries. But if it rattles the entire eurozone, the most powerful economy, when their Government bonds are under-priced, we cannot ignore the adverse impact of it.  When despite major efforts by US economy, as per the latest forecast of Morgan Stanley, even for the first three quarters of the calendar year, hardly there is any possibility of recovery of either European economy or of US economy. Therefore, in that context, we shall have to discuss the overall situation.  I am referring to it not merely in the context of containing inflation but in tackling the major economic crisis with which all the countries are confronted today to face that challenges with collective wisdom of this House.  This House need to take concerted efforts cutting across the party lines.  Wherever we sit, whether this side of the Chair or that side of the Chair, it is not very material.  What is material is the interest of the country and in the interest of the people and that ought to be protected.  Yes, there may be divergence of views of the source; divergence of views of the approach but the collective desire and will is to resolve the problem and to take this country move forward from poverty, illiteracy, deprivation and disease. There are no two opinions on this and there are no divergence of views.

          Having said that I come to the specifics.  When we talk of the international situation we are almost in a cynical way dismissed.  Even the Leader of the Opposition has done it.  I always admire her eloquence and command over language and sometimes I am fed by that though I do not know Hindi much.   But even she said, “How does it matter? Except oil prices, which other prices of international commodities have increased with which we are concerned?” I will just give her only a few items with which we are vitally interested. If the international prices increase, it affects our economy.  It has an adverse impact on inflationary pressure.  Take the case of DAP.  We do not produce DAP.  Almost one hundred per cent DAP is imported. It has increased in one year from 525 million dollars per tonne to 642 million dollars per tonne. In spite of importing DAP one hundred per cent, there is no impact on Indian economy.  In case of urea, it is increased from 315 million dollars per tonne to 503 million dollars per tonne but there is no impact.… (Interruptions)

SHRI HARIN PATHAK (AHMEDABAD EAST): It must be in metric tonnes.

SHRI PRANAB MUKHERJEE: I am sorry.  Not million tonnes, it is metric tonnes. 

We improve substantially in palm oil.  The palm oil prices have increased from 912 dollars per tonne to 1068 dollars per tonne.  Important metals like steel, it is increased from 235 dollars per tonnes to 271 dollars per tonnes; steel rebars, from 530 dollars per tonne to 640 dollars per tonne and   steel wire rods, from 670 dollars per tonne to 790 dollars per tonne.  I am not talking of the prices of the crude oil.  

          I, sometimes, envy Mr. Yashwant Sinha because when he became Finance Minister he started with importing oil around 24 and 25 dollars per barrel and at the end of his tenure it reached to 36 and 37 dollars per barrel.  Any Indian Finance Minister will feel comfortable when the international oil prices come down because huge oil bill is to be provided either at the cost of the upstream oil companies or by providing subsidies. 

          Therefore, the international developments have its impact. 

          Now, I come to the question as to what steps we have taken.  Inflationary pressure is mounted because of various reasons apart from the mismatch of demand and supply.  The current strength of the inflationary pressure was substantial because of the constraints in the supply chain of the agricultural products. Therefore, it is more important to look at what steps we have taken to improve the production of agricultural products and to ensure what the outcome of that exercise is. 

          It has been stated that the growth in agriculture is coming down.  Yes, it is correct.  For quite some time, the growth in agriculture was slow.  But it has started improving.  In the Tenth Plan, it was 2.5 per cent.  In the Eleventh Plan, it came down to 2.4 per cent. In the first four years of the Eleventh Plan, it has improved to 3.2 per cent. In 2010-11, agricultural and allied sectors have achieved 6.6 per cent growth.  It is not coming down, and it is little going up.

          It has been stated that everybody is starving and there is no food. नमक लेकर रोटी खाने से भी, नमक नहीं है, रोटी नहीं है, महंगाई हो गई। I will come to the point as to how much it has increased.  But talking of the production, if there was no growth, no investment, and no support price was provided to the farmers, agricultural growth has taken place automatically! The production of our total food grains had increased from 198 million tonnes in 2004-05 – here it is not metric tonnes, it is million tonnes – to 241.56 million tonnes.  It was achieved without any effort and without any exercise! Therefore, you may claim … (Interruptions)   I listened to everybody silently.

          My most respectful submission is this.  You can always claim and say: “Mr. Finance Minister, it is not enough.  Mr. Agriculture Minister, produce more.”  We will accept it humbly.  But please do not say that nothing has happened.  One senior Member said: “All-time low”.  It is good but we are not entering into a school debate. When a senior parliamentarian talks of seven per cent GDP growth as ‘all-time low’, may I most respectfully ask as to when did India achieve seven per cent GDP growth? During the period 1951 to 1979, the annual average of GDP growth was 3.5 per cent.  In the whole of 1980s, we entered into a higher growth of five per cent. 

          I have the figures of the three years’ period when you were in power.  Later on, when you were in power for six years, we have the figures.  Then, In 1990s, it was 5.6 per cent. 

Yes, again I congratulate Shri Yashwant Sinha or maybe Shri Jaswant Singh, in 2003-04 we entered into a higher growth path of around nine per cent, and we continued that growth till the financial crisis in 2007-08. Therefore, if you point out that seven per cent growth  is bad I would accept it.  Yes, 7.3 or 7.6 per cent growth is bad and not adequate for the country.  I surely accept it.  But if you start by saying that it is an all time low, facts do not speak of that. This is my most respectful submission.

          It was said:  “What did you do for the inflation?” Yes, I have been criticised.  Cynical observations have been made like  फाइनेंस मिनिस्टर के पास जादू की छड़ी नहीं है, बिल्कुल। I do not have any magic wand.  But at the same time, if I most respectfully submit, that from February, 2010, when the food  inflation reached the peak of 22 per cent, has come  down to 6.6 per cent on 25th November, 2011. Yes, it has taken almost two years.  But it has been possible to bring it down to 6.6 per cent.  I am talking of food inflation only.  I am not talking of the overall inflation. Overall inflation is perilously close to double digits, which we shall have to bring down. But I am not happy. We shall have to bring it back at a much lower level; and we shall have to settle it on a sustainable basis at around five to six per cent.       You are speaking as if we have not seen high inflationary regime.  I was advised in an earlier debate: “Mr. Finance Minister, your problem is that you are too obsessed with growth that you are neglecting inflationary pressure.  What should we do with growth?  We are not going to eat growth.”  Correct, we are not going to eat growth.

श्री शरद यादव (मधेपुरा):  यह जो 6.6 परसेंट महंगाई दर आयी है, उसके पीछे सबसे बड़ा कारण यह है कि इस समय फसल आयी हुई है और डिस्ट्रैस सेल इतने बड़े पैमाने पर हो रहा है कि महंगाई दर जो नीचे आयी है, वह केवल मौसमी है। यह दर फिर से बढ़ेगी। अभी खेत में फसल आयी है, इसलिए सस्ता है। यही हमारा दुर्भाग्य है और इसी के चलते देश भर में ...( व्यवधान)

SHRI PRANAB MUKHERJEE:  I admit that there is a seasonal factor.  But there is equally a seasonal adverse factor.  You  cannot run with the hare and hunt with the hounds. When it is a seasonal factor where the prices have been depressed, there are seasonal factors, which enhance the price.  Therefore, you shall have to take an overall view.  My short point which I was trying to make   is that there is no coordination between the growth and inflation.  It is because even in the lower growth rate, we have seen high inflation.  Take the case of 1974-75. At that time, the rate of inflation was 25.6 per cent, and the GDP growth was 1.2 per cent.  During 1979-80, there was a first non-Congress Government  from 1977 to 1980, the rate of inflation was 17 per cent and the GDP growth was (-) 5.2 per cent. Yes it was my Government’ performance for those three years.  When Janata Party came to power in 1976-77, India witnessed one of the lowest inflation, which was 2.5 per cent.  We inherited 16 per cent to 17 per cent inflation. In 1981-82, when Mr. Venkatraman was the Finance Minister, the rate  of inflation became 2.5 per cent. 

SHRI HARIN PATHAK: The rate of inflation was very low at that point in time.

SHRI PRANAB MUKHERJEE: Of course, it was low as it cannot be, it should be reasonably high. That is why, my short point is, do not mix it up. We are sacrificing growth. We are sacrificing inflation. At the cost of inflation we are indulging in growth, it is not like that. The short point which I am trying to drive at is that we shall have to contain inflation. We shall have to go for higher growth. That is my point. Exactly, if you take a little longer period, then you will find that in 2010-11 surely, the inflation was 9.6 per cent but the growth was 8.5 per cent.

          Now, I am coming to the question, “What are we doing for agriculture?” It has been suggested that we have a huge surplus of food stock. Why are you not distributing it? Now, you see, what we are distributing. We have already distributed 25 lakh tonnes of wheat and 10 lakh tonnes of rice under OMSSA for the period from October 2011 to September, 2012. This is in addition to the normal allocation. Madam, 25 lakh tonnes of food grains have been allocated on 6.1.2011 to all the States and UTs for BPL families at BPL issue prices for distribution up to 30th September as anti-inflationary measure because if we cannot contain inflation, then, at least, we can try to insulate and protect the vulnerable sections of the society by providing them subsidized food grains through the Public Distribution System.  And, there is the most crucial issue, effective Public Distribution System, through which we can reach essential commodities to the more vulnerable sections of the people even today.

          When I am talking to you right now, I am not going into the question of the number of BPL families, whether the Tendulkar Committee is correct or ‘x’ is correct or ‘y’ is correct. But on the basis of the number on which we are distributing food grains, assuming as per the 1993-94 poverty estimates with 2,000 population, current BPL families are 6.52 crores. Of that, 2.44 crore families are AAY. They are entitled to have a total of 35 kgs wheat at Rs.2 per kg and rice at Rs.3 per kg. But how would you ensure that these commodities reach them in 6,00,000 plus villages plus 8,000 cities? For that, the wide network of Public Distribution System is necessary. We are emphasizing on it. We are not passing on the buck to them.

          We have told them that, yes, try to build it up; we are ready to help you; and tell us what you want. Under the APMC, the farmers can sell directly to the retailers. Who can amend the APMC Act? Can Parliament pass that Act? If the State Governments do not take initiative, can we do it? I know the infrastructure which is to be built up. But when I am accused, I really feel the pain that the Government de-hired the godown bases. The Government has storing facilities. The Government has godowns but they de-hired it and thereafter we had to make serious efforts to build up the storing capacity and it has taken time. It cannot be built up overnight. The capacity of the Food Corporation of India as on 1.4. 2002 was 279 lakh tonnes. It came down to 236 lakh tonnes on 01-04-2004 because 33 lakh tonnes of the godown space was de-hired. Then, we have to build up again. We started doing that. Since 01-04-2004, FCI has added 47.85 lakh tonnes of covered storage capacity taking the total storage capacity to 298.38 lakh tonnes as on 01-01-2011. This is very important because we want storing facility to prevent the products of the farmers from being wasted.

एक माननीय सदस्य:यह गांव में जाकर बोलिए।

श्री प्रणब मुखर्जी : मैं गांव से ही आता हूं। मेरा संसदीय क्षेत्र भी गांव ही है। मैं आपको इन्वाइट करता हूं कि मेरे गांव आइए। For five to six years, I travelled five kilometre on foot in the fields to go to High School. Do not teach me what a village is. When many a people living in a totally different atmosphere speak off, I simply laugh at it. It is because I know as to what a village is. I come from a village. I am a village boy. Up to my Graduation, I stayed in the village and not in Cannaught Place. Therefore, I know it… (Interruptions). Yes, ‘global village’ because the whole world is going to be converted into a village. I believe that prosperity and development go together and not in isolation. I read Rabindranath, please remember one line.… (Interruptions).

It is not from Gitanjali. You have heard only of Gitanjali. While talking on untouchability, “if you keep somebody behind you, don’t forget that he will drag you to his level. You cannot move upward when you keep someone behind you.” Therefore, I believe that we should prosper together, develop together, go together and for that I request all of you to come together because otherwise I do not believe that this major economic crisis can be resolved. Today, what is coming?

          You said that if you cannot do it, you leave it. Neither I am to leave it nor to accept it. It is for the people of this country. I know you are impatient. But, why do you not wait for two and a half years more? What prevents you? We have not come here on our own. In almost 40 years of my parliamentary life, I have spent more than half of that sitting on the other side. Therefore, there is no need of telling these things in a parliamentary system. If we convert the Parliament, the highest and sovereign legislature into a demonstrating platform, do you expect that anybody would have confidence in the system of this country? Can you tell me a single Session, from the 14th Lok Sabha till this Session, that has gone on undisturbed? Therefore, you are desperate. It is because nowadays we have developed a strategy of not only discussion, but discussion on a subject that we want under a particular rule, on a particular motion. Discussion is immaterial here, whether it will be Adjournment Motion or not. It is because of obvious reasons, Adjournment has its own rules. These rules are not made by anybody else but by ourselves. Umpteen number of times I told you to change the rules. You are the masters. Sit in the Rules Committee and change the rule.  If it is a lively issue that can be brought under an Adjournment Motion, the House will be conducted like that. On an Adjournment Motion, the Government is always reluctant.  That is why, you will notice from the record of not only this Lok Sabha, but even in the Fifteenth Lok Sabha, not a single Adjournment Motion has been carried though umpteen number of Adjournment Motions have been moved. It is not that always there have been majority governments. But, Adjournment Motions have not been moved because Members decided that if we want to throw the Government, we should go straight through the No-Confidence Motion and not through a surreptitious manner by bringing an Adjournment Motion when people are not ready or prepared and censure the Government. That should be done as per rules. There is no problem if rules allow it. Therefore, my point is that we are trying to address these issues.

          Coming to oil prices, somebody suggested as to why we do not give up our taxations. What is the tax that we collect from the oil sector? All the taxes levied by the Central Government on various petroleum products taken together, though I have given up 5 per cent Excise Duty and brought down the Customs Duty to zero and lost about Rs.34,000 crore as revenue from June onwards, if we take the example of the year 2011-12, we have collected around Rs.1,36,000 crore. All the 28 State Governments taken together have imposed taxes on the oil sector to the tune of Rs.89,000 crore. But, as per the 13th Finance Commission’s recommendations, out of this Rs.1,36,000 crore, one-third, that is, 32 per cent which comes to almost Rs.31,000 crore, will be transferred to the States and the net result would be that out of the total taxation on the oil sector – Rs.1,36,000 crore plus Rs.89,000 crore which come to Rs.2,25,000 crore – States will get Rs.1,21,000 crore and the Centre will get Rs.1,04,000 crore. Can you permit the States to forego it? All of us are coming from States.

Somebody asked me as to why we do not advise the States so that the oil prices come down. How can I advise the States? From where the States will get revenue? Am I in a position to compensate them for this Rs.1,21,000 crore? If not, how can I advise them? Tell me how can oil prices be reduced? Tell me how can it be tackled? I am ready to accept your suggestions. Should we wind up our public sector oil companies? Rs.1,32,000 crore would be the under-recovery with the present rate of the blend crude prices. At the rate of 107 dollars per barrel Rs.1,32,000 crore would be the under-recovery. Therefore, partly it will be met through subsidies. Subsidies will have to be given. But, many a time we have said that let this House discuss and debate and give concrete suggestions.

SHRI RAJENDRA AGRAWAL (MEERUT): Bring back black money.

SHRI PRANAB MUKHERJEE: When we discuss the issue of black money, I will reply. Do not worry.

          Therefore, if we want to address the issue of subsidy really, why we do not sit together and find out that subsidies could be given to certain sectors. Why are we demanding subsidies? Some others will demand interest subventions. Everywhere we will demand subsidies. Then, from where will developmental resources come? Wherefrom will expenditure for other important works come? These are the issues on which I wish Parliament should collectively decide. We have the fora. Standing Committee can make recommendations and give suggestions. Other forums are also there.

          Now, I am coming to the issue of what would be the final picture as it is emerging today. If the international situation was conducive, perhaps, we could have stated with greater confidence that we shall have to ensure that we can provide more subsidies and we can provide more support to reduce that adverse impact of the inflationary pressures. But still I am hopeful that if this trend continues and if it is not really seasonal and fluctuating, then the food inflation would be moderated. Why I am saying so? It is because I have noticed the figures of seven consecutive weeks, and there has been some declining trend.

          Questions have been raised that the Government’s revenue is coming down. Today, there was a Question in the Lok Sabha, and you will find that in its reply it is stated that the Government’s revenue is not coming down despite slow growth up to now. I do not know what would happen in November, December and January. I am not an astrologer, but up to now the direct taxes revenue growth is around 22 per cent and indirect taxes is a little less than that. But as regards direct taxes, I think that we have taken the correct decisions.

My net has become less because we have up-fronted the refund. Various Parliamentary Committees have stated this, and the C&AG have also made recommendations that :

 “You Income Tax people are funny. You are collecting tax from us, but what is not due to you, which should be refunded, you are holding it unnecessarily and depriving me of my money, which I have given to you in good faith as Income Tax. But that is not your due because my tax is much less.”   Therefore, I have decided that we will up-front the refund. As a result of this, last year, we refunded around Rs. 27,000 crore indirect taxes during this period. This year, we have to do Rs. 68,000 crore, and we have decided to have it up-front. This created some cash management problem for me and I had to borrow some money.
          Shrimati Sushma Swaraj raised this question. Why have you taken Rs. 53,000 crore today from market? It is because substantially, if I would have retained that money at the cost of tax payers, then I need not have gone to the market. But I wanted to do it, and it will be squared up. But the problem, which you have apprehended, may come if the manufacturing sector’s growth does not pick up from 8 per cent to 10 per cent or 10 per cent to 12 per cent. Now, it is low. Growth in the manufacturing sector is needed. It is well below this, and for this we shall have to create confidence. To my mind, confidence can be created collectively by us to allow the institutions to function and to create a conducive atmosphere where investments come.
          I am repeating something, which I had said in the last debate also, but I think that it is worth repeating. Shri Yashwant Sinha showed me the picture of India Today’s cover story that some of the top Indian industrialists are saying “Goodbye India, hello world.” So, jokingly, I told him that we can change this picture if you and me -- I mean, all political parties and not individuals -- can collectively work together and create confidence that whatever be our divergence of views, on major economic issues -- which will benefit the country -- we will work together and you will see the confidence will come back, and those very people will say : “Tata world, home sweet home”, and they will come back to India.
Yes, inflationary pressure is there. We were able to tackle 25 per cent rate of inflation. When Doctor Sahib took over for the first time as the Finance Minister in 1991, he knew how terrible the situation was. However, we were able to overcome it because of the collective determination of the nation, and with the cooperation of all concerned. Here, with the leaders who represent 1.2 billion people, who are elected leaders of the people, much depends on how we respond to this situation, the impending crisis, and how we take our country out of that.
          Madam Speaker, with these words, I conclude, and I thank all the hon. Members.
… (Interruptions)
MADAM SPEAKER: Let us now take up the ‘Zero Hour’.
… (Interruptions)
श्रीमती सुषमा स्वराज (विदिशा):अध्यक्ष महोदया, मैंने कल डिबेट शुरू की थी। आप मुझे बोलने दें, मंत्री जी यहां बैठे हैं।
अध्यक्ष महोदया : हां, आप बोलिये।
श्रीमती सुषमा स्वराज :मैं यह कह रही थी कि कल जिस समय मैं बोल रही थी तो...( व्यवधान)
अध्यक्ष महोदया : आप लोग बैठ जाइये, लीडर ऑफ अपोजीशन बोल रही हैं।
श्रीमती सुषमा स्वराज :कल जिस समय मैं बोल रही थी तो प्रणव दा ने कहा कि मैं यही भाषण बार-बार सुन चुका हूं। ...( व्यवधान)
श्री शैलेन्द्र कुमार (कौशाम्बी):हम वित्त मंत्री जी के उत्तर से संतुष्ट नहीं हैं, इसलिए हम सदन से वाक-आउट कर रहे हैं।
12.56 hrs.   Shri Shailendra Kumar and some other hon. Members then left the House   SHRI BASU DEB ACHARIA (BANKURA): On the issue of universalisation of PDS, in protest, we are walking out.
12.56 ½  hrs At this stage, Shri Basu Deb Acharia, Shri Gurudas Dasgupta and some other hon. Members left the House … (Interruptions)

MADAM SPEAKER: Please take your seat, the Leader of the Opposition is speaking.

… (Interruptions)

DR. PRASANNA KUMAR PATASANI (BHUBANESWAR): Madam, we are walking out in protest.

12.57 hrs. At this stage, Dr. Prasanna Kumar Patasani and some other hon. Members left the House … (Interruptions)

श्रीमती सुषमा स्वराज (विदिशा):कल जिस समय मैं बोल रही थी तो प्रणव दा ने कहा कि मैं यही भाषण बार-बार सुन चुका हूं तो हमें आज यह उम्मीद थी कि प्रणव दा अपने उत्तर में कुछ नई बात कहेंगे, तरोताजा बात कहेंगे और आम आदमी को राहत देने वाली बात कहेंगे। लेकिन मुझे इस बात का दुख है कि उन्होंने अपना वही बासी, ऊबाऊ और पुराना भाषण दे डाला, वही घिसे-पिटे तर्क दिये, ग्रोथ और इंफ्लेशन की वही उलझी हुई कहानी दोबारा कह दी। आम आदमी को उनके आज के भाषण से कोई राहत नहीं मिली, इसलिए असंतुष्ट होकर हम सदन का बहिष्कार करते हैं।

12.58 hrs.   Shrimati Sushma Swaraj and some other hon. Members then left the House.

MADAM SPEAKER: Shri Mithilesh Kumar – not present;

Dr. Sanjeev Ganesh Naik – not present;

Shri S.S. Ramasubbu.

… (Interruptions)

SHRI S.S. RAMASUBBU (TIRUNELVELI): I wish to raise the following matter of urgent public importance during the ‘Zero Hour’. … (Interruptions)

अध्यक्ष महोदया : अभी शून्य प्रहर शुरू हो गया है।

…( व्यवधान)

श्री मिथिलेश कुमार (शाहजहांपुर):माननीय अध्यक्ष जी, मैं शून्य काल में अपने संसदीय क्षेत्र शाहजहांपुर की महत्वपूर्ण बात उठाना चाहता हूं। ...( व्यवधान) मैं बोल रहा हूं। मैं अपनी सीट पर हूं। ...( व्यवधान)

अध्यक्ष महोदया : बैठ जाइये।

… (Interruptions)

SHRI ANANTH KUMAR (BANGALORE SOUTH): Madam, we have raised the issue of Shri S.M. Krishna. An FIR has been filed against Shri S.M. Krishna. … (Interruptions) We have walked out against price rise. The hon. Prime Minister is here. We demand that the External Affairs Minister … (Interruptions)

अध्यक्ष महोदया : कृपया बैठ जाइये।

… (Interruptions)

12.58 ½ hrs.     At this stage Shri Shivkumar Udasi and some other hon. Members came and stood on the floor near the Table   … (Interruptions)

MADAM SPEAKER: Nothing will go on record, and only the statement of Shri S.S. Ramasubbu will go on record.

(Interruptions) …* अध्यक्ष महोदया : आप जीरो ऑवर चलने दीजिए।

…( व्यवधान)