PM Narendra Modi silent on food grain, onion price hike: CPI

NEW DELHI: CPI today hit out at Prime Minister Narendra Modi for keeping silent over increasing prices of food grains, vegetables and onions, "but rushing to find out ways to avert share market crisis" - a problem which, the Left party said, Government of India can't do much about.

"For the past few days, people are discussing increasing prices of food grains, vegetables and edibles. But our Prime Minister did not respond.

"And within hours of crash of stocks yesterday, he immediately rushed to call a meeting (to discuss) how to avert the catastrophe - which he can not ... neither this government, nor others ... as throughout the world it has been affected," CPI general secretary S Sudhakar Reddy told PTI.

Stating Government "should not poke its nose in the stock market crisis" and let the free market take its own care, Reddy demanded Centre to instead focus on taking measures that will give relief to people whose pockets are being pinched.

He suggested setting up storages for timely stocking of food grain, essential commodities, so that people do not suffer.

The former MP also stressed on taking stern action against hoarders of essential commodities.

"There is an allegation that one of the biggest stock holders of onion today is a big industrialist. If the Government has got the guts, it should see to it that storages controlled by the industrialist are thrown open and onion prices will be reduced in 24 hours," Reddy added.

In a separate letter to Union Finance Minister Arun Jaitley, the party also expressed dissent over government's alleged attempt to de-nationalise public sector banks (PSBs). The party was referring to grant of licences to payment banks by Reserve Bank of India (RBI).

In his letter issued to Jaitley yesterday, Reddy told the Minister not to forget that Indian economy was saved from global financial and banking crisis in the past only because banks were insulated by PSBs.

"Our strong banking regulations helped in sparing the country from a major financial disaster. But of late, unfortunately in the name banking reforms, the government is trying to de-nationalise PSBs," he said.