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Govt to take all measures to control prices
BS Reporter / Singapore April 4, 2008
The government will take all possible measures to control rising prices, Commerce Minister Kamal Nath said today.

"We will not hesitate to take the strictest possible measures against hoarders and profiteers…including legal provisions," Nath said today in Singapore, at the sidelines of the Incredible India at 60 conference.

Weekly Inflation based on the wholesale price index announced today stood at a 3-year high of 7% for the week ended March 22 as against 6.68% the week before.

The government has already clamped down on exports of some commodities and eased imports to control inflation, which is currently ruling at about 6.5%.

It has however been fighting what seems to be a losing battle with cement and steel companies, which have been hiking prices. Nath clarified that the government has no intention to force these companies to reduce the prices using the provisions (section 18G) of the Industrial Development and regulation act but "cement and steel industry must also ensure that we do not look at this (provision)."

Nath said that the biggest challenge for controlling price rise in the country is one of supply side management.

The industry is not too averse to the government stepping in to control prices. "Managing inflation is the dharma of political leadership. There is nothing wrong with it. It is happening all over the world," said Sunil Bharti Mittal, CII president and Bharti group chairman.

Specifically in the case of cement and steel, he said the main challenge is to increase supply.

The minister is set to announce the new export import policy next week. He declined to say whether controlling the price rise would dominate the policy though "there will be a package for employment intensive export industries."

He also lauded India's export performance in 2007-08, despite the challenges of the oil price hike and rupee appreciation. The target for the year was exports of $160 billion.

 
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