The Hindu Business Line : Chidambaram hints at fresh steps on farm futures trading

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New Delhi Feb. 22 The Finance Minister, Mr P. Chidambaram, hinted on Thursday that the Government may take fresh steps on the issue of futures trading on farm commodities based on the recommendations on this matter by the concerned administrative ministries.

"There is a Standing Committee report on forward markets. The agriculture, food and consumer affairs ministries are looking into the Standing Committee report. They will, I suppose, bring a paper to the CCEA or Cabinet. We will take steps," Mr Chidambaram told reporters after a meeting of the Cabinet Committee on Prices (CCP) here on Thursday.

The Left Parties have been making a case for banning futures trading on farm commodities. The Standing Committee too had recommended a ban on futures trading on farm commodities.

Mr Chidambaram also promised that the Government would take every possible step to moderate inflation. "We understand the burden of the people. We will take steps — fiscal, monetary and supply side," he said.

Missive to states

Meanwhile, the Prime Minister, Dr Manmohan Singh, has written to all the Chief Ministers apprising them of measures taken and underlining the role of the State Governments in keeping a check on prices of essential commodities.

Dr Singh has advised the State Governments to put in place an appropriate mechanism for regular intensive monitoring of commodity prices in order to take prompt and necessary action to curb price rise.

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