ibnlive » Business

Apr 02, 2008 at 08:43pm IST

Govt to set up daily foodmonitoring committee

New Delhi: The UPA is leaving no stone unturned to kill the inflation menace. After announcing a slew of measures, including duty cuts on edible oil and food commodities, the Government is likely to set up a high-powered committee to monitor prices of all food commodities on a daily basis.

Headed by the Cabinet Secretary or the Agriculture Secretary, the Government appears to be more confident it will reign in inflation.

“We are confident that measures taken by the Government will control the rising inflation rate,” said Deputy Chairman Planning Commission, Montek Singh Ahluwalia.

Inflation has been plaguing economies around the world in the form of high food prices. India has been hit hard by skyrocketing prices of wheat and rice. But the Government believes self-sufficiency is the only way out.

“You can't just depend upon import of products. In that way, we import inflation rates across the world have risen. Wheat has been up 80 per cent and crude moved from $33 to $108. We need to have some measures in place like some adequate investments to raise production,” said state Minister of Finance Pawan Kumar Bansal.

The Government also has more measures up its sleeve, like an excise duty cut from 14 per cent.

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