CII to set up task force to study price rise

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Hyderabad, May 4 (UNI) Stating that rising food prices is a matter of concern and needed immediate global response, CII Director-General Chandrajit Banarjee today said the chamber would set up a 'Task Force' to study the spiralling prices of essential commodities.

In a release here, Mr Banarjee said the 'CII Task Force on Food' would strive for improving productivity, bridging yield gap and encouraging private participation in food distribution.

''We need to build a global platform for dialogue and action to manage the crisis. The entire issue of food prices needs to be seen in a global perspective and not just as an issue emanating from specific countries,'' he said, adding that there was a need for greater flow of global information on food production and consumption and cuts in food wastage.

''CII is of the view that the current crisis has been created due to several reasons. The main factors included diversion of land for the production of bio fuels, change in global weather leading to drought which accounted for lower food production in several countries and huge agricultural subsidies that encouragd farmers to leave farm lands fallow to maintain global prices of agricultural products,'' Mr Banarjee added.

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