Taking
the issue of rising prices of essential commodities seriously,
the UPA government has brought down the import duty to zero
for edible oils. Prime Minister, Dr Manmohan Singh chaired
a cabinet meeting and after the meeting P Chidambaram announced
to lift import duty on all types of crude oils. Soya and palm
oil have also been freed from custom duty completely. Whereas,
import duty has been reduced on all types of refined oils,
now it is only 7.5 per cent. Similarly, ban has been imposed
on the export of non-Basmati rice. Ban on export of pulses
would also continue. Experts believe that it would help to
control high prices to some extent. Because, export was stopped
for last few months. Though the import has been made cheaper,
but what package has been given to domestic products. Till
the prices of domestic products not controlled, high prices
of goods cannot be controlled. The government should reconsider
over it. Domestic producers should be taken into confidence.
At the same time there is need to strictly check blackmarketing
and speculative marketing. On imposing complete ban on speculative
market, control over prices would be easier. It often happens
that the traders in hope of getting better prices do not release
consumable items from their godowns and demand for the items
remains in the market. In such a situation, due to pressure
of acute shortage and demand, the prices of essential commodities
continue to increase. Whereas, when the goods are easily available,
the prices remain under control. Hence the administration
has to take measures to end the speculative market activities.
If we do not pay attention over this state of affairs, then
blackmarketing of goods would continue and control over prices
become difficult. This is the biggest reason for frequent
increase in prices of essential items. There is need to find
out root cause for rising of prices and come out with viable
solution.
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