Govt unveils measures to fight inflation
The Centre allowed state govts to impose stock limits on edible oils under Essential Commodities Act. Soya oil and palm oil import duty was scrapped. Day in Pics
By PTI |
NEW DELHI: In a slew of measures to combat inflation, the government on Monday decided to scrap import duty on crude palm and soya oils and ban export of non-basmati rice and pulses.
The decisions were taken at a meeting of the Cabinet Committee on Prices at Prime Minister Manmohan Singh's official residence here tonight.
The CCP approved ban on export of non-basmati rice with immediate effect and decided to extend the ban on pulses export for one more year from today, Finance Minister P Chidambaram told reporters after the meeting that lasted over three hours.
These decisions will come into effect from midnight tonight, but a notification would be issued tomorrow, he said.
The decisions were taken at a meeting of the Cabinet Committee on Prices at Prime Minister Manmohan Singh's official residence here tonight.
The CCP approved ban on export of non-basmati rice with immediate effect and decided to extend the ban on pulses export for one more year from today, Finance Minister P Chidambaram told reporters after the meeting that lasted over three hours.
These decisions will come into effect from midnight tonight, but a notification would be issued tomorrow, he said.
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Chidambaram said all edible oils in crude form can be imported at zero duty, while the duty on oils in the refined form would be 7.5 per cent.
The government also decided to raise the Minimum Export Price of Basmati rice to USD 1,200 per ton from USD 1100, to discourage export and increase availability in the domestic market. It also cut import duty on butter and clarified butter (ghee) from 40 per cent to 30 per cent.
Besides, the CCP also decided to scrap import on maize from 15 per cent at present.
The Union Government also advised states to impose limits on stocks of commodities under the Essential Commodities Act, besides asking steel producers not to raise prices.
Asked whether these measures would help in containing inflation, which has touched 6.68 per cent for the week ended March 15, Chidambaram said: "I sincerely hope so."
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