Prices of essential commodities to come down

May 22nd, 2008 - 5:39 pm ICT by admin  

New Delhi, May 22 (IANS) Prices of essential commodities will come down in two months owing to huge production this year, a government official said Thursday. “This year has seen record production of wheat and other essential commodities and government reserve is also very high. As per our estimates, prices of essential commodities will come down in the next two months,” said Y.S. Bhave, secretary, department of consumer affairs, ministry of consumer affairs, food and public distribution.

He was speaking to reporters on the sidelines of a business meet organised by the Associated Chambers of Commerce and Industry of India (Assocham).

Referring to government measures to check retail prices, the secretary said, “There is no effective mechanism to control the retail prices than the market competition. Only the competition in the market can put a check on the rates”.

“India must explore retail options in fields like health, energy, agriculture and banking, which has tremendous potential for retail. However, organised retail requires a full-fledged national policy and a huge FDI to support the retail sector,” he added.

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