New Delhi: Farm futures trade has not contributed to the price rise in essential commodities in the country, minister of state for consumer affairs, food and public distribution, K V Thomas said on Friday.
It has been observed in recent period that commodities in which there is no futures trading have also shown sharp acceleration in price rise, Thomas said in a written reply in Rajya Sabha.
He said commodities such as tur and urad have gone up sharply in the current financial year by -- 56.6% and 20.6%, respectively -- despite a ban on futures in these items.
Food prices have risen sharply this year owing to deficient rainfall in the country. The southwest monsoon this year was 23% below normal, the worst in 37 years.
In the previous United Progressive Alliance-led government, the Left parties had demanded a ban on futures trade alleging that it contributed to price rise.
Later, the UPA government had appointed an expert committee headed by Abhijit Sen that said it was not possible to claim that inflation accelerated more in commodities on which futures trading had been allowed.


