Wednesday, April 2, 2008

Complete Govt. intervention needed to contain price rise: ASSOCHAM

by Jo Black

Besides, relaxation in import duties of edible oil and other commodities, what is now required is the total government intervention so that the sky rocketing prices of commodities including grains are brought down gradually, says The Associated Chambers of Commerce and Industry of India (ASSOCHAM).

The ASSOCHAM President, Mr. Venugopal N. Dhoot said that the proposed duty cuts on edible oils and even imports of grains is a welcome measure and would certainly lead to stability in rising prices.

What is more important is the substantial reduction in prices of food grains, commodities and fruit and vegetables as these are becoming beyond the reach of common man and fuelling inflation to an unmanageable limit, said Mr. Dhoot.

The ASSOCHAM Chief felt that the government particularly the Finance Ministry need to persuade the Reserve Bank of India (RBI) to issue directives for reduction in interest rates to ensure the availability of liquidity to corporates so that production does not suffer and measures are taken for assured supplies.

 

 

 

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