Blaming hoarders for the rise in food inflation, Finance Minister Arun Jaitley Friday said there is "no panic situation" and asked the states to take measures to crackdown on hoarding and black marketing to rein in prices.
"When production of food items is higher than last year and still prices rise, then it means that intermediaries are keeping the stock somewhere," Jaitley said at a conference on food inflation.
He said the test of the good governance is how to de-hoard the stock kept by intermediaries into the market to rein in prices. "This is the biggest challenge."
Stating that prices of some food items increase every year during the July-December period due to hoarding, Jaitley said: "There are reports of below normal monsoon this year. Hoarders are taking advantage of the situation."
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