NEW DELHI: Finance Minister Nirmala Sitharaman informed the Rajya Sabha that the government has taken several supply-side measures in last four months to cool inflation.
Prices of major essential commodities are checked by the government on a regular basis and corrective action is taken from time to time, she said in a written reply to the House. Measures included reduction in import duties and cess on pulses, rationalization of tariffs and imposition of stock limits on edible oils and oil seeds.
In addition, maintenance of buffer stock for onion and pulses, inclusion of soya meal as an essential commodity in the schedule of the Essential Commodities Act, 1955 up to June 30, 2022 and imposition of stock limit on soya meal up to June 30, 2022 were some other measures taken to check inflation.
tHISmonth, the government asked producers to implement a reduction in retail prices and ensure price uniformity across geographies amid a decline in global prices of edible oils. The centre has directed leading edible oil associations to ensure a reduction of Rs 15 in MRP of edible oils with immediate effect, she said sharing various measures to tame inflation.
Besides, the government reduced excise duty by Rs 8 per litre on petrol and Rs 6 per litre on diesel on May 21, 2022, to check prices of petrol and diesel. A buffer stock of onion and pulses has been maintained for price stabilization, she said.
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