TIMELINE: Measures taken by the government to tame inflation

[K.Karthik Raja]

TIMELINE: Measures taken by the government to tame inflation
Tuesday, Jun 3

NEW DELHI - Below is the chronology of steps taken by the
government to
check spiralling prices and control inflation.
India's headline inflation, which had hit a five-year low of 3.07%
in
October, has since spurted to a 44-month high of 8.10% for the week
ended May
17. This spike is attributed to galloping prices of edible oils, iron
and
steel, curde oil, and some manufactured products.
.
Date Steps
Corresponding
Inflation
(for
week ended)
.
Mar 20 Cuts import duty Mar 8 -
5.92%
* Crude palm oil - 20% from 45%
* Crude palmolein - 20% from 45%
* Refined palm oil - 27.5% from 52.5%
* RBD palmolein - 27.5% from 52.5%
* Crude mustard, colza - 20% from 75%
* Canola oils, rapeseed - 20% from 75%
* Refined mustard - 27.5% from 75%
* Crude sunflower oil - 20% from 40%
* Refined sunflower oil - 27.5% from 50%
* Semi-milled, wholly-milled rice - nil from 70%
.
Mar 31 Cuts import duty, bans export Mar 15
- 6.68%
* Ban on pulses export extended by one year
* Ban on export of non-basmati rice
* Minimum export price for basmati raised to $1200/tn
* Import duty on butter, ghee cut to 30% from 40%
* Import duty on maize reduced to nil from 15%
* Import duty on crude edible oil cut to nil
* Import duty on refined edible oil cut to 7.5%
* States to levy stock limit on rice
* States to levy stock limit on oilseed, edible oil
.
Apr 11 * DEPB scheme sops withdrawn on rice export Mar 29
- 7.41%
* DEPB scheme sops withdrawn on primary steel export
* DEPB scheme sops withdrawn on cement export
* Cement exports banned
.
Apr 29 * Imposes 8,000 rupees/tn export duty on basmati Apr 12
- 7.33%
* Minimum export price for basmati cut to $1000/tn
* Basic customs duty on pig iron, sponge iron, granules,
ingots, billets, HR coils, CR coils, bars, rods, wires
cut to nil from 5%
* TMT bars and structurals imports exempted from 14%
countervailing duty
* Basic customs duty on metallurgical coke, ferro alloys
zinc cut to zero from 5%
* Imposes 15% export duty on specified primary forms,
semi-finished products, HR coils, sheets
* Imposes 10% export duty on specified rolled products,
including CR coils, sheets pipes, tubes
* Imposes 5% export duty on galvanised coil, sheet
* Customs duty on skimmed milk powder cut to 5% from 15%
.
May 7 * Bans futures trade in soyoil, rubber, potato, chana Apr
19 - 7.57%
* Steel cos cut product prices by upto 4,000 rupees/tn
.
May 14 * Cement cos cut prices 3-7 rupee/bag in some states Apr
26 - 7.61%
.
End
.