Finance Minister Pranab Mukherjee announced on Sunday that the Government is trying to manage both “supply side” and “demand side” in order to control the rising food price.
Pranab Mukherjee said,"The government is taking necessary steps to contain the food price inflation. There are two ways to manage inflation - supply-side management and demand-side management,” "RBI (Reserve Bank of India) has already done the demand-side management by raising the CRR (cash reserve ratio). It will suck out Rs.40, 000 crore money from the banking system. This will ease liquidity pressure on the system,"
This statement was given by Mukherjee at a programme arranged by State Bank of India at the opening ceremony of the group’s 20,000th ATM at Barala in Murshidabad district.
Mukherjee further added, "Steps are being taken for supply of essential commodities like sugar, edible oil and pulses. Open import has been allowed and some import is already happening in these commodities".
He also said that both public and private sectors can import essential goods. The public sector has already started importing it.
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