Zoellick, Manmohan express concern over impact of rising oil price

World Bank President Robert B Zoellick and Prime Minister Manmohan Singh have independently expressed concern about the impact of increasing oil and food prices on the international market.

New Delhi, Nov 3 : World Bank President Robert B Zoellick and Prime Minister Manmohan Singh have independently expressed concern about the impact of increasing oil and food prices on the international market.

"Both the Prime Minister and I independently expressed concern about some of the effects of continuing high oil prices and high food prices," Zoellick told reporters here today.

Zoellick, who had met Singh on Friday, said one of the ways to deal with the problem is to improve energy efficiency.

It would also help in tackling the issues concerning global climate change, he added.

On the issue of rising food prices in the global market, Zoellick said although it would be beneficial for the farmers, "It can also increase the prices for consumers."

He further said that the World Bank can help India ease the process of transition for farmers, who switch from basic crops to commercial crops.

On his first visit since heading the World Bank, Zoellick is in India to take stock of the World Bank-aided programmes in the country.

ANI