Chidambaram assures step to beat back inflation

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New Delhi, Apr 16: The Left and the NDA staged a walkout in the Lok Sabha today on the price rise even as Finance Minister P Chidambaram assured the House that his Government would take tough administrative measures to contain inflation and asked the States to invoke the Essential Commodities Act against hoarders and black marketeers.

Intervening during a debate on the issue under Rule 193, Mr Chidambaram said the UPA Government had taken fiscal and monetary measures to rein in prices of essential commodities which had been increasing mainly due to rising global prices. "We will take more fiscal steps.... The RBI Governor would assess the situation and take further monetary steps in a few days," he said. He said the Government would not hesitate either to take tough administrative measures if the economic players in some sectors did not change their behaviour.

Besides these steps, he said, the State Governments should invoke the powers of the Essential Commodities Act to impose severe stock limits and raid those who hoard more than the prescribed limits. "And I am confident that despite relentless increase in global prices we will manage to beat back inflation," he said. But before he could conclude, the Left Parties and the NDA staged a walkout as they were not satisfied with his reply.


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