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FICCI comments on WPI June numbers

The government is making a serious attempt to address the root cause of spiralling food prices

July 14, 2014 5:02 IST | India Infoline News Service
The latest WPI numbers indicate moderation in overall inflation as well as in food prices. It is heartening to note that the government is making a serious attempt to address the root cause of spiralling food prices.
After, a set of focused measures undertaken by government last month to contain food inflation, the announcements made in the Union Budget regarding-establishment of a Price Stabilisation Fund and a commitment by Centre to work closely with States to re-orient their respective APMCs to provide for establishment of private market yards / private markets - are reassuring. In fact FICCI has been advocating such measures.
FICCI has suggested creation of a Food Inflation & Response Strategy Team (FIRST) at the Prime Minister’ Office (PMO) level. FIRST will be an e-enabled, empowered coordination framework which can work with and across multiple key governmental agencies, to proactively address food inflation through integrated data management and logistical strategies in the short term. We hope to see time bound action going ahead”, said Mr. Birla, President, FICCI.
“Further the results of FICCI’s latest Economic Outlook Survey report moderate outlook for inflation this fiscal year.The median forecast for inflation rate as per the survey is around 5.6% by end March 2015. However, below average monsoons might play a dampener and there is likelihood of pressure arising on oil prices as well due to global scenario”, added Mr. Birla.

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