Centre to back states on action against hoarders to rein in prices of food items: Jaitley

Finance Minister Arun Jaitley on Friday indicated that the Centre will stand-by with the states in their effort to take strong action against hoarders to rein in prices of food items.

"Hoarders are taking advantage of the forecast of below normal monsoon. State governments should take stern action against hoarders to rein in prices, Central Government will give complete support. During July-December every year, prices of some food items increase due to hoarding," Jaitley said.

"States and Centre have some their powers distributed. But in today's meet where we have come, here the rights is less and responsibilty is more as the interests of common people is attached to it. The challenge that a good government has is how to get the excess amount of food stocks out of the intermediaries and put them into the market," Jaitley added.

"There is no panic situation as of yet, although a good governments character is to anticipate the situation beforehand and start with necessary actions," he further added.