Highlights of Chidambaram's speech on price rise in Lok Sabha

[K.Karthik Raja]

Highlights of Chidambaram's speech on price rise in Lok Sabha
Wednesday, Apr 16

NEW DELHI - Below are the highlights of Finance Minister P.
Chidambaram's
speech in Lok Sabha during a debate on the price rise issue:
.
INFLATION
* Need to take tough steps to tame inflation.
* Sure RBI will take appropriate steps shortly.
* Sure RBI will address money supply to tame inflation.
* RBI will assess inflation situation and take apt steps.
* Govt to take more fiscal, monetary steps to tame inflation.
* Cannot entirely rely on fiscal steps to tame inflation.
* Will even sacrifice revenues to tame inflation.
* Facing tough times on combination of crises.
* Already taken supply-side steps to tame inflation.
* Supply-side steps to take time in yielding results.
* Last 6 weeks' inflation "qualitatively different" from previous
years.
* Aim not to be dependent on essential goods' import.
* As concerned about inflation rise as anybody else.
* Confident will "beat back" inflation expectations.

FOOD
* India affected by global trends.
* India's wheat output seen 75 mln tn this year.
* Importing food items leading to importing inflation.
* Some states not taking enough steps to curb hoarding.
* Have asked states to put severe stock limits on food items.
* Diverting food crops for fuel "a crime against humanity".
.
INDUSTRY
* Cement companies behaving like a cartel.
* Signs of steel firms also behaving like a cartel.
* Need to break logjam in steel, cement supplies.

End