Prime Minister Manmohan Singh expressed his concern over the steep increase in the global oil and commodity prices but hoped that these will not hinder the economic growth as the government is doing its best to moderate the rising prices.

While laying the foundation stone for Rs 1,750 crore expansion project of Salem Steel Plant in Tamil Nadu on Friday, the PM commented “In the last few months, because of the steep increase in international prices of petroleum products and primary commodities, -inflation and its control have emerged as a major concerns of policy. We have taken steps to moderate the rise in prices. In so doing, we have also tried to ensure that inflation control measures do not hurt the growth momentum we have built up in the last four years.”

He hoped that during the 11th Plan period, the economy will grow by 9 percent. “To ensure non-inflationary growth, we must step up production in all sectors — agriculture, manufacturing and services. We still have a long way to go in creating infrastructure, essential for modernising India. Ready availability of steel is a key requirement for such infrastructure.” the PM added.

The PM congratulated the steel industry and called upon the Indian steel companies to endeavour on the fields of technology, managerial excellence and high productivity.

According to the Prime Minister if the present conditions prevail in the economy, India would definitely become the second largest producer of steel by 2015.On this occasion UPA chairperson Sonia Gandhi and some union ministers were also present.