Govt may ban maize futures as prices soar
The Centre is considering a ban on futures trading as well as on exports of some more agri-commodities, including maize, to curb price rise, a senior government official said.
By PTI |
MUMBAI: The Centre is considering a ban on futures trading as well as on exports of some more agri-commodities, including maize, to curb price rise, a senior government official said.
���There is a proposal from the department of consumer affairs to ban futures trading and export of maize because of a steep hike in its price,��� said Union commerce secretary GK Pillai, on the sidelines of a conference here on Friday.
���We would be possibly reviewing the issue sometime next week, then the decision will be taken,��� he said. There would, however, be no ban on oilseeds futures trading, as not much of a price rise in oilseeds has been witnessed, he said.
���We will ban futures trading and exports of items where we see price increases much beyond the normal levels because of speculation,��� Mr Pillai said.
On maize, the commerce secretary said that though it was not a major item on the wholesale price index (UPI), a ban on maize exports ���is needed due to the steep increase in its price.��� Maize is primarily used as poultry feed. ���It is not a major item in WPI, but the poultry industry is hit hard due to the rise in its price,��� he said.
In view of rising prices, the government had already banned futures trading in items like rice, wheat, tur and urad. It had also imposed a four-month ban on futures trading in potato, chana, soya oil and rubber as a precautionary move to check price rise and control inflation. The Left parties, have, for sometime now, been clamouring for a ban on futures trading of 25 essential commodities.
Commenting on inflation crossing the 11%-mark, Mr Pillai said a high inflation was expected due to the hikes in petrol price and ATF. The rate of inflation would be on the higher side for some more months, he said.
���There is a proposal from the department of consumer affairs to ban futures trading and export of maize because of a steep hike in its price,��� said Union commerce secretary GK Pillai, on the sidelines of a conference here on Friday.
���We would be possibly reviewing the issue sometime next week, then the decision will be taken,��� he said. There would, however, be no ban on oilseeds futures trading, as not much of a price rise in oilseeds has been witnessed, he said.
���We will ban futures trading and exports of items where we see price increases much beyond the normal levels because of speculation,��� Mr Pillai said.
On maize, the commerce secretary said that though it was not a major item on the wholesale price index (UPI), a ban on maize exports ���is needed due to the steep increase in its price.��� Maize is primarily used as poultry feed. ���It is not a major item in WPI, but the poultry industry is hit hard due to the rise in its price,��� he said.
In view of rising prices, the government had already banned futures trading in items like rice, wheat, tur and urad. It had also imposed a four-month ban on futures trading in potato, chana, soya oil and rubber as a precautionary move to check price rise and control inflation. The Left parties, have, for sometime now, been clamouring for a ban on futures trading of 25 essential commodities.
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Commenting on inflation crossing the 11%-mark, Mr Pillai said a high inflation was expected due to the hikes in petrol price and ATF. The rate of inflation would be on the higher side for some more months, he said.
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