Relaxed ECA, forward trading blamed for price rise

The West Bengal government today said a relaxed Essential Commodities Act and 'forward trading' had led to the rise in prices of commodities. "During the NDA regime when Trinamool Congress was a partner, there was a complete relaxation of the Essential Commodities Act. We are trying to bring that in order," West Bengal state finance minister Asim Dasgupta said here when asked about price rise.

Union Finance Minister Pranab Mukherjee yesterday had said the state governments should make sure that subsidised food grains were made available through public distribution system and the states' de-hoarding mechanism be strengthened. Reacting to this, Dasgupta said, "The Union Finance Minister is fully aware about what is happening. He is also fully aware what is going on in 'forward trading'."

Dasgupta said there was a need for full co-ordinated action between the states and the Centre. "Our Chief Minister Buddhadeb Bhattacharjee had said he had written to Prime Minister Manmohan Singh on the issue," he said.

Meanwhile, Dasgupta said India, Brazil, China and South Africa should have equal representation in the WTO and World Bank.