Government Targets Onion, Potato Hoarders

Published: 03rd July 2014 10:05 AM  |   Last Updated: 03rd July 2014 10:05 AM   |  A+A-

NEW DELHI: Stung by criticism over soaring prices, the Narendra Modi government on Wednesday decided to bring onions and potatoes under the purview of the Essential Commodities Act to limit stock holding, in a bid to empower State governments to crackdown on alleged hoarders.

The Cabinet Committee on Economic Affairs (CCEA), which met under Modi’s chairmanship, approved the proposal in this regard from the Ministry of Consumer Affairs, to ensure the availability of these two vegetables in the retail market in adequate quantities and to curb the skyrocketing costs of the two items.

Earlier in the day, the government hiked the minimum export price (MEP) on onions to $500 a tonne from $300 a tonne to boost domestic supply of the commodity and control prices that are going northwards after predictions of a below normal monsoon hitting the kharif crops. Potato exports too are kept under a check with an MEP of $450 a tonne.

“There is no need to panic. There is adequate availability of onions and potatoes in the country. We are taking all possible measures to ensure enough supply and to control the prices,” said Minister for Law and Justice Ravi Shankar Prasad, who briefed the media on the decisions. The notification will be issued on Thursday and will be valid for one year.

Stay up to date on all the latest Nation news with The New Indian Express App. Download now
(Get the news that matters from New Indian Express on WhatsApp. Click this link and hit 'Click to Subscribe'. Follow the instructions after that.)

Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

flipboard facebook twitter whatsapp