JD (U) demands scrapping of commodities board | india | Hindustan Times
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JD (U) demands scrapping of commodities board

JD (U) on Thursday demanded that the multi-commodities exchange be scrapped and a CBI probe be ordered into its operations, reports HS Bartwal.

india Updated: Feb 16, 2007 01:32 IST
HS Bartwal

Blaming the UPA Government's "faulty" food management policy for the steep rise in prices of essential commodities, the JD (U) on Thursday demanded that the multi-commodities exchange be scrapped and a CBI probe be ordered into its operations.

"The multi-commodities exchange is responsible for the steep rise in prices...According to an estimate, around Rs 20 lakh crore are invested in the multi-commodities market.Those who have invested such a huge amount will not allow the prices to come down even if there is an adequate supply of commodities," party president Sharad Yadav alleged.

He charged that it was not the market forces of demand and supply but the money power of speculators that was deciding the price levels in the market.

Asking for immediate closure of the multi-commodities exchange, Yadav, a former Food Minister, also demanded that private companies be banned from directly  procuring foodgrains from farmers and the FCI role in the operation be restored.

The public distribution system (PDS), which had stood the country in good stead for so many years, too needed to be strengthened as it had "crumbled down", the JD(U) chief said.