PM bats for decontrol but hedges on timing

New Delhi: Prime Minister Manmohan Singh today returned home from Cannes, France, batting for continuing decontrol of fuel prices but hedged on its timing because of political sensitivities.
Government ally Trinamool Congress has threatened to withdraw support on the hike in prices of petrol and other essential commodities. On deregulating fuel prices, cutting subsidies and raising taxes, Dr Sing said the country has to move towards deregulation of prices and the move to decontrol petrol prices is a part of that process but these are “very sensitive areas”.” Well, that (deregulation) is the general direction in which we should move. I think the move to decontrol petrol prices is a part of that process. But as I said, these are very sensitive areas. And I have no hesitation in saying that ultimately we must allow markets to find their own level … We must move in the direction of decontrolling more and more prices”, he said at a pre-departure media conference at Cannes where he attended the G20 summit. Laying emphasis on fiscal reconsolidation, Dr Singh said,” We cannot live beyond means. And we also have to recognize that money simply does not grow on trees”. He said his government is committed to a fiscal deficit of 4.6 percent as projected in the budget though there may be some slippages in meeting the target because of some circumstances.