PM intervenes to check inflation with UP election in mind
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As the dates for Assembly Elections in UP decided, the UPA government started showing its greater concern over the rising inflation rate in the country. The rising prices of vegetables such as onions and other essential commodities can cost dearly the ruling party in Uttar Pradesh.
Keeping eye on Assembly elections, this is the high time for the government to step in to do something needed in this matter.
The CNN IBN has reported that the PM Manmohan Singh himself is taking interest in this matter now. The Cabinet Committee on Prices, which was chaired by PM, has started reviewing the prices.
The committee is likely to to take more steps such as cut in taxes and improving supply of essential commodities to the market to restrict prices.
For that matter, the PM has set up a special monitoring cell to keep a close watch on regular basis on the situation in the market. He has asked the Chief Ministers of all states to come down heavily on speculators and hoarders.
According to the report, the PM has written a letter to state Chief Ministers to take god care of the situation. Singh has also said the special cell in the Cabinet Secretariat would also provide necessary support to state governments.
Manmohan Singh has said that the state governments should check the price rise of essential commodities through better administrative and regulatory measures.
He said;
You may like to put in place an appropriate mechanism for regular intensive monitoring of the prices of commodities in order to promptly detect any short-term fluctuations and take necessary corrective action.
On the other hand, the Cabinet Ministers have also showed their concern on this matter. The Agriculture Minister Sharad Pawar has briefed about the scheduled arrival of new crops such as fruits, vegetables, wheat and pulses in the market.
Finance Minister P Chidambaram said, The CCP reviewed the prices and decided that the government will take all the steps such as fiscal, monetary and supply management to moderate inflation.
There is an indication coming out also that the Government may also ban futures trading in agricultural commodities for sometime.
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