Measures taken to curb food inflation and alleviate problems of common man due to COVID-19

Ministry of Finance Press Release dated 10th Aug 2021

Measures taken to curb food inflation and alleviate problems of common man due to COVID-19

The Government is taking effective measures to curb inflation especially food inflation keeping in view of the condition of the people suffering from coronavirus pandemic situation in the country. This was stated by Union Minister of State for Finance Shri Pankaj Chaudhary in a written reply to a question in Rajya Sabha today.

Enumerating more steps taken by the Government to alleviate the problems of the common man, the Minister stated that the buffer stock of pulses have been used to tackle price volatility of these commodities. Pulses from the buffer were used very effectively during the COVID-19 pandemic for supplying @ 1 kg per household per month free of cost to approx. 19 crore National Food Security Act (NFSA) beneficiary households between April and November 2020.

The Minister further stated that the Government imposed stock limits on some pulses under the Essential Commodities Act, 1955 in July 2021, which has had a salutary effect in terms of softening of prices.

The Minister stated that the Government eased import restrictions to enhance domestic availability of Tur, Urad and Moong and have also entered into MoUs with Myanmar, Malawi, Mozambique for pulses import. Basic import duty and Agriculture Infrastructure and Development Cess on Masur have been brought down to zero and 10% respectively.

The Minister stated that steps were taken to soften the prices of edible oils and the duty on Crude Palm Oil (CPO) has been cut, bringing down the effective tax rate on CPO to 30.25% from the earlier 35.75%. Further, the duty on Refined palm oil / Palmolein has been reduced to 37.5% from 45%, the Minister added.

Published by Business So Simple

Hi, I am business consultant working with a team of Chartered Accountants, Company Secretaries, Lawyers & MBAs. I am promoter of " Make Your Business So Simple" "Make Education So Simple" Make Life So Simple" Make Legal Affairs So Simple".

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: