LIFTING OF DUTY ON CRUDE OIL & BAN ON SUGAR EXPORT WILL CURB INFKATION- CAIT

NEW DELHI:

The Confederation of All India Traders ( CAIT) & its affiliate body Akhil Bhartiya Khadya Tel Vyapar Mahasangh ( ABKVM) in a joint statement has complimented Central Government for lifting custom duty on import of crude soyabin and crude sunflower . This decision of the Government is an effort to curb inflation and providing relief to people of India- said CAIT Secretary General Mr Praveen Khandelwal & Mr Shankar Thakkar , President of ABKVM today.

Khandelwal & Thakkar said that inflation in India is at an all time high. The lifting of import duty on crude oil and ban on export of sugar will certainly bring down inflation and common men will be benefitted. Both the trade leaders said that under the lifting of import duty on crude oil , the Government has specified that the persons willing to import will have to take a licence TRQ and will be allowed to import in proportion of their annual consumption which seems to be right. But, it is all the more necessary that the Govt must ensure that as per the wish of the Govt, the advantage of the step should go to consumers and the importers should note keep this benefit with them.

Both Khandelwal and Thakkar suggested that the Government should draw a monitoring mechanism under which the importers should be directed to inform about the price of the finished product before and after lifting of the duty so that it must be crystal clear that the benefit has been passed on to consumers.

Khandelwal & Thakkar said that another landmark decision of the Government is to ban export of sugar which is also another pragmatic step. It is to be noted that works over Argentina is the largest exporter of sugar. This year Argentina has suffered with Lanino weather and as such there will be a downfall of sugar production in Argentina and as such it is apprehended that sugar prices at global level may escalate. In the wake of such situation, the Government has banned export of sugar with a view to ensure no inflation of sugar prices in India which is in the larger interest of the people of India.

We commend these two most important steps of the Government to deal with inflation- said both Mr Khandelwal and Mr Thakkar.

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