The Centre on Tuesday promised to take more fiscal measures to contain the rising prices but said cracking down on hoarders and black marketeers was the responsibility of the state governments. Replying to questions on price rise in the Rajya Sabha, Finance Minister P Chidambaram also said some steel and cement companies were behaving like cartels and the Government was looking into it. With inflation keeping above the 7 per cent mark, a number of MPs have been raising the issue of price rise in the Parliament. Chidambaram assured the members that the Government was doing its best.“As and when necessary, more fiscal measures will be taken. The Government has already taken some measures and some more are being contemplated,” Chidambaram said.“The Reserve Bank of India recently increased the cash reserve ratio by 50 basis points. It is due to announce its monetary policy on April 29. Let’s see what further steps it takes to contain inflation,” he said.Asked whether the Government was considering extending the ban on exports of items like wheat, pulses and rice to other commodities as well, the Finance Minister said the Government was not averse to such a step. “If there are downsides of banning the exports of other commodities, the Government will surely consider such a step,” he said.On the issue of hoarding, Chidambaram said the states needed to act against hoarders and black marketeers. “I urge all the state governments to use the powers vested in them under the Essential Commodities Act to proceed against hoarders and prosecute and punish them. Unfortunately, till now, most of the action has been taken only in a few states.” Members from the BJP, Samajwadi Party, and the Left parties repeatedly interrupted the Finance Minister and demanded to know whether the Government was taking action against big corporate houses indulging in hoarding. Chidambaram said action against all hoarders, big or small, had to be taken by the states.He said the Centre was also looking at all options available before it to proceed against companies that were acting like a cartel.“My view is that cement manufacturers and to some extent steel producers are behaving like a cartel. The MRTPC (Monopolies and Restrictive Trade Practices Commission) is looking into the issue. The Government is also examining all legal and administrative measures to bring down prices of steel and cement,” he said.
