States Should Crack Down On Hoarding: Arun Jaitley

Finance Minister Arun Jaitley has Friday said there is "no panic situation" and asked the states to crack down on hoarding and black-marketing to control prices.

"When production of food items is higher than last year and still prices rise, then it means that intermediaries are keeping the stock somewhere," Jaitley said at a conference on food inflation. Stating that prices of some food items increase every year during July-December due to hoarding, Jaitley said, "There are reports of below normal monsoon this year. Hoarders are taking advantage of the situation."

"Prices of some items had touched Rs 70-100 per kg last year. Prices are still lower this year. There is no panic situation," he added.

The minister asked the state governments to address this issue as action taken after price rise creates panic in the market.

He was addressing the conference of state food and consumer affairs ministers to discuss steps to control food inflation. The meeting was also attended by Food Minister Ram Vilas Paswan and Agriculture Minister Radha Mohan Singh.