Outlining some of the steps taken by the Government to check the inflation rate, Mr Chidambaram said recently, the Reserve Bank of India increased the CRR by 50 basis points. Further, the export of wheat, basmati rice and pulses has been banned.
''Containment of inflation remains high on the agenda of the Government. Anti-inflationary policies of the Government include strict financial discipline, rationalisation of duties on essential items, effective supply demand management of essential commodities through liberal tarriff and trade policies and procurement through public sector agencies,''the Minister said.
At the same time, he said that it would take some time for the fiscal measures to take effect.
On a question about the action taken by the Government against hoarders and black marketeers, Mr Chidambaram said,''action against hoarders and black marketeers is taken under the Essential Commodities Act. As these powers are vested with the state Governments, the necessary action has to be taken by the state governments.''