Banning of future trading of essential commodities is recommended by Working Group on Consumer Affairs.
Banning of future trading of essential commodities is recommended by Working Group on Consumer Affairs. Gujarat chief minister Narendra Modi, on Wednesday, submitted the report prepared by the group to Prime Minister Dr Manmohan Singh which also included other suggestions to tackle inflation.
Unlike the usual practice of voluminous reports, the committee submitted to the PM a precise document with 20 recommendations and 64 detailed actionable points.
Besides ban on future trading, the report recommended setting up of a price stabilisation fund by the Centre, setting up a ministerial-level coordination mechanism for coordinated policy making, priority sector landing to agri-marketing activities, speedy reform of APMC Act, liberalisation of agri-markets, among others.
The Working Group on Consumer Affairs, headed by Modi, was constituted on April 8, 2010. Its others members were CMs of Maharashtra, Andhra Pradesh and Tamil Nadu.
Considering lack of strong linkages between spot and future markets, the committee has suggested that essential commodities should be kept out of Future Market for the time being. It also suggested that the Centre should set up a price stabilisation fund to help states procure and distribute essential commodities that are in short supply.
The committee has called for improving efficiency of distribution channel and increasing participation of organised sector and cooperatives in retailing. It has recommended enlarging scope of priority sector lending with inclusion of agriculture marketing activities.
The committee has suggested establishing a mechanism to collect and disseminate information to all stakeholders on production, import, stocks and availability of essential commodities besides extensive use of information technology. It also called for exploring the option to unbundle the operations of Food Corporation of India in terms of procurement, storage and distribution functions.
Further, the Committee has emphasised on preparation of a 10-year Perspective Plan for improving agri-infrastructure of backward and forward linkages for agriculture production and marketing.
The Committee has recommended that offences under Section 10-A of Essential Commodities Act should be made non-bailable and special courts should be set up to try such cases.
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