NEW DELHI: Finance Minister Aurn Jaitley in a strong caveat to black marketers and hoarders has warned them of stern action if they continued with their malpractices. He, however, said that there is no need to panic as the government has enough food stocks to deal with any crisis situation.
Regarding the recent spurt in food prices, Jaitley observed that it was not because of a shortfall in production but because of the bad trade practices adopted by the hoarders. He also indicated that the government was willing to consider suggestions to make hoarding of essential commodities a non-bailable offence.
Referring to the high onion and potato prices, Jaitley said “there has been a record output and there is no shortage of these items. Therefore it is not an issue of scarcity but it is an issue of supply side. These commodities are available in sufficient amount but the normal supply is disrupted by hoarders anticipating higher prices,” he added.
He said “We have sufficient food grains stock with the government of India to face to any kind of situation. Depending on where the shortfall or deficient areas are....if such a situation arise, we are equipped to deal.”
In his bid to contain the spiraling food prices before they slip out of hand the finance minister on Friday met food ministers from different states to discuss ways and means to crack down on wrong doers and ways to improve availability of food products in the markets.
Stating that prices of vegetables and pulses generally rise in July, he said this time there is an abnormal increase in prices of 2-3 commodities but “there is no panic situation.”
“There are reports of below normal monsoon this year. Hoarders are taking advantage of the situation. When production of food items is higher than last year and still prices rise, then it means that intermediaries are keeping the stock somewhere,” the finance minister observed.
To deal with the price situation, Jaitley said some states have suggested strengthening of the Essential Commodities Act and making hoarding a non-bailable offence.
The government and the Consumer Affairs Ministry will take a view on the suggestions of making hoarding a non-bailable offence, he added.
The meeting was also attended by Food Minister Ram Vilas Paswan and Agriculture Minister Radha Mohan Singh. Paswan asked the state governments to enforce the Essential Commodities Act effectively.
STOCK POSITION
■ In July-December every year, prices of some food items rise due to hoarding.
■ Onion prices are lower than last year
■ Hoarders are taking advantage of the forecast of below normal monsoon
■ States can take action against hoarders to rein in prices
■ Centre offers complete support to States
■ There is sufficient food grain stock to deal with any situation
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