The Hindu Business Line : Steps in place to control inflation: Scindia

Mangalore, May 10 The Union Government has put in place various measures to control inflation, according to Mr Jyotiraditya Scindia, Union Minister of State for Information Technology and Communication.

“We have put in place measures already, including duty structure on the export of food commodities and on steel and cement, and ban on forward trading.

“A lot of these responsibilities also rest with State governments to ensure that hoarding ceases and to ensure that timely procurement and disbursement of foodgrains are adhered to,” he said.

He told newspersons in Mangalore on Saturday that inflation was not a result of Indian policy but owed to external forces.

Pointing out that inflation had touched 7.8 per cent in 2001-02, he said the then Union Government had not faced external pressure nor international rise in input costs.

Mr Scindia was in Mangalore to campaign for the Congress for the elections to the Legislative Assembly.

Crude oil price, which stood at $38 a barrel in 2001-02, stands at $123 a barrel today.

He said nearly 90 per cent of the price rise had been absorbed by the Union Government in the form of subsidies and through issuance of oil bonds to the marketing companies.

Global pressure

Stating that the pressure on prices of commodities such as steel and cement was unprecedented, Mr Scindia said the demand for commodities across the world — fuelled to a great degree by China — has led to shortage across the world and increase in prices. “This is not something that has been born out of Indian policy,” he said.

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