The bealeaguered UPA government, vIrtually pushed to the wall on growing inflation graph, has decided to import one lakh metric tonnes of edible oil till March 2009 to tide over the crisis created by rising commodity prices.
India's edible oil import has declined by about 49% from 4 lakh metric tonne to 3 lakh metric tonnes. Official sources said these include items like palm oil, soya oil and cottonseed oil.
The Congress-led UPA government has decided that the country's cooking gas oil purchase meant for subsidized public distribution will hit market. "The Govt is now planning to import 1 lakh m.t cooking oil till the end of the fiscal 2008-09, ie. March 31 next year,” a top source told Commodity Online.
"This is as part of strategy to check the food price-led inflation by boosting supplies," a senior government official said. The inflation figures touched 7-year all time at 8.75 percent for weekended may 31, 2008 fuelling the demand for resignation of Finance Minister P Chidambaram especially fromt the left parties.
Officials said that the contracted cooking oil will reach Indian shores by this week as it would take nearly a week to pack the imported consignments in small pouches for distribution among the poor families through the public distribution system, ie the ration shops.
Monday, June 16, 2008
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