Commerce Sec hints export, future trading ban on some items

Mumbai, Jun 20 (UNI) Union Commerce Secretary G K Pillai hinted that the Government is mulling over a ban on future trading and export of some items to cap inflation, which has hit a 13-year high today.

Talking to reporters on the sidelines of an open house meeting of Export Promotion Council for EOUs&SEZ Units here, Mr Pillai said the ban would be implemented to control the rising prices.

Pointing out that the present sharp surge in inflation was basically driven by the rise in petroleum products, he said ''Inflation rate at 11 per cent was expected due to hike in prices of petroleum as well as air turbine fuel (ATF) and it is expected to continue for another couple of months.'' He said ''Now we have to see that 'how', whether we can control the food and vegetable prices. The government would consider to take measures to reduce the price pressure on poor.'' ''The Government will focus on reducing the impact on poor,'' the Commerce Secretary asserted.

Asked about ban imposed on export of non-basmati rice, Mr Pillai said lifting of the ban could be an option only after the new crop arrived.

''If we have a production of 94 million tonnes, we can export part of surplus rice,'' he added.

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