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Ban on futures trading sought

Special Correspondent

Centre flayed for not checking inflation

HYDERABAD: Former MP of the Telugu Desam Party C. Ramachandraiah on Saturday demanded a ban on futures trading in commodities until submission of the report of the experts committee headed by Planning Commission member Abhijit Sen looking into the impact of futures trading.

At a press conference, he said that if the Government could stop importing from private players and instead import foodgrains through agencies like the State Trading Corporation and MARKFED. It could then increase subsidy before pumping the grain into the public distribution system. Only this way could the common man get some relief, he asserted.

Mr. Ramachandraiah lambasted the Centre for its ‘inability’ to keeping inflation under check. Friday’s rise in inflation from 7.01 to 7.33 was only due to the Centre’s ‘knee-jerk’ reactions and temporary measures.

“Just by reducing import duty and increasing duty on exports, inflation cannot be controlled. What is required is a more comprehensive look at the alarming situation and a coordinated effort”, he lamented.

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