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Price rise: Didi forms task force to monitor markets

Chief Minister Mamata Banerjee today said that West Bengal will not allow Centre to introduce forward trading in the state as it would accelerate speculative trade practices and raise prices of commodities

Written by Express News Service | Kolkata | Published: July 3, 2012 4:24:45 am

Chief Minister Mamata Banerjee today said that West Bengal will not allow Centre to introduce forward trading in the state as it would accelerate speculative trade practices and raise prices of commodities. She also said that forward trading may lead to hoarding of essential commodities and hike in commodity prices.

The CM also formed an 11-member task force to monitor the markets and identify hoarders to initiate penal action against them.

She said that “forward trading is a policy that the Central government is promoting but the state is opposed to it. We will not follow these rules. It is a speculative policy. This is not right. We won’t encourage middlemen”.

Forward marketing is done under the Forward Contract Regulation Act of 1952 and is controlled by the Forward Market Commission. Although the Centre initiated to make an amendment to the Act in 2006,it finally issued a Forward Contracts (Regulation) Ordinance in 2008 on whose strength 24 commodity exchanges operate throughout the country.

The Chief Minister said that though the state produces enough potatoes,they are sold at prices between Rs 15 and 27 per kg in various markets. A section of middlemen,functioning between cold storages and the retail markets,were manipulating the prices,she added.

Mamata held the the CPM government for the exorbitant prices of vegetables and even ruled out the possibility of all-party meeting with the CPM on the issue.

Citing examples,she said that price of potatoes through 2009 was Rs 24-Rs 26 per kilo,and in 2011 the brinjal cost Rs 80 per kilo. The prices dipped after they formed the committee,Mamata claimed.

decision on president three
days before poll date

The Trinamool Congress will take a decision on backing a presidential candidate just three days before the July 19 election. This was announced by party chief Mamata Banerjee (in picture) on Monday at a meeting of Trinamool MLAs,MPs and all elected representatives of the party to various civic bodies. The meeting was held at Khudiram Anushilan Kendra in Kolkata.

Pranab Mukherjee will arrive in Kolkata on July 9 to meet MLAs of the CPM and Congress. On July 4,AICC observer for West Bengal Shakeel Ahmed will come to Kolkata to meet party MLAs,during which the strategy for the day of voting will be discussed.

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