News

PM Modi calls meeting on inflation

by IBNS 18 Jun 2014, 11:38 am

New Delhi, June 18 (IBNS) Prime Minister Narendra Modi on Wednesday chaired a meeting on ways to deal with inflation.

The meeting on rising prices of essential commodities was attended by the Union
Food Minister, Agriculture Minister, Water Resources Minister and Fertilizer Minister.

Modi reportedly sought a presentation on their policies and initiatives to rein in inflation in the meeting.

Union Finance Minister Arun Jaitley on Tuesday convened a high level meeting to discuss issues related to inflation and price rise of essential commodities.

Keeping in mind the increasing trend in the price of onions, the government has imposed a minimum export price (MEP) of US USD300 per MT on the export of onions.

"This is expected to have a salutary impact on the availability of onions in the domestic market," read a government statement.

"The meeting also agreed that the State Government of Delhi be asked to consider to delist fruits and vegetables from the purview of the Agricultural Produce Market Committee (APMC) Act and would also be asked to procure additional supplies of onions for distribution through Government's retail outlets," it said.

Keeping in mind the increase in the retail price of rice, it was agreed that government, through the Food Corporation of India, would release more supplies to State Governments to be released through the Public Distribution System.

The meeting also reviewed the steady increase in the retail price of milk and took a decision to consider withholding export incentives currently in force.

Jaitley urged that urgent and timely attention be given to all matters related to price rise, and that the departments concerned should take necessary steps without any delay.

The Finance Minister also emphasized on the urgency to effectively check constraints in ensuring smooth flow of essential commodities availability in the market through dehoarding, timely inspection, monitoring among others.