New Delhi, Jul 30 (UNI) Terming the increase in the Cash Reserve Ratio and Repo rates a ''regressive step'', the BJP today said the measures taken by the government to contain inflation had a negative effect, resulting in an across the board surging of interest rates by two per cent.
BJP spokesman Prakash Javadekar said inflation can not be contained merely through fiscal measures and the supply side management had to be improved also. ''The much proclaimed import of one million tonnes of edible oil and its subsidised distribution is nowhere in sight.'' The Government must come out with innovative measures like subsidised supply of wheat, rice, sugar, pulses and edible oil to insulate the poor from the ill-effects of price rise and inflation, he added.
Mr Javadekar said the Government had not tackled the issue of cartelisation by cement and steel manufacturers.
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