Inflation a global phenomenon, says union minister Sriprakash Jaiswal

The Union minister of state for coal, statistics and programme implementation Sriprakash Jaiswal today said that the inflation and price rise were a global phenomenon and not India specific only.

The people of the United States and other countries too were reeling under the spiralling price rise due to global recession, he told reporters in Bihar.

It was due to visionary leadership of the prime minister Manmohan Singh that India survived unscathed from global recession, Jaiswal said.

On price rise and inflation, the Union minister said that the prices of various goods were decided by the market rate.

At the same time, the purchasing capacity of the people too have increased to add fuel to the price rise, he said.

Jaiswal also passed the blame for the escalating price rise on the state governments saying that it was the duty of the local administration to crack down against the black marketeers and horders to contain the price rise.

The Union minister, who was here solicit support for the Congress ahead of the assembly polls due later this year, asked the people of Bihar to strengthen the hands of his party in the state.