India planning to punish hoarders to address hyperinflation – socialistic norms return as India Inc. plunges due to lack of good fiscal policies
Kiran Chaube
Apr. 4, 2008

It was interesting to find Indian Ministry of Commerce planning to go after open market traders calling them hoarders to address the issue of hyperinflation.

The wholesale price index based inflation rate touched a three-year high of 7% for the week ended March 22 as against 6.68% in the previous week. Inflation stood at 6.54% in the corresponding week previous year.

India subsidizes petroleum products through the use of Government owned oil companies and reduction of tariff as crude oil price continue to go up.

Steel companies have agreed to cut prices on government's prodding. Days ago, the government had scrapped import duties on all crude edible oil forms, while cutting duties on refined palm, sunflower, soyabean, coconut oils and hydrogenated vegetable fats to 7.5%.

It also banned the export of non-basmati rice, while basmati rice minimum export price was enhanced to $1,200 per metric tonne, from $1,100 at the moment. The ban on pulses exports, already in place since last year and ending today, has been extended by one more year.

However, India fails to address the core issue of inflation. It is credit driven consumer demand that is causing inflation. The general population is very little educated to handle credit through personal loans and credit cards. Outsourced job market also provide extra cash to India’s millions who work in Bangalore, Hyderabad and so on.

India planning to punish hoarders to address hyperinflation – socialistic norms return as India Inc. plunges due to lack of good fiscal policies
Kiran Chaube
It was interesting to find Indian Ministry of Commerce planning to go after open market traders calling them hoarders to address the issue of hyperinflation.
READ MORE>>

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