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India has taken measures intended to slow the rise in food prices, which are at an 11-year high. India's economy has been reviving in recent months, but the country is grappling with high inflation.
Shoring up supplies of food is among the many steps being implemented1 by the Indian government to lower prices.
Agriculture Minister Sharad Pawar says the government will sell large quantities of food grains being held in its stocks.
"Two to three million tons of wheat and rice will be released in the open market in priority over the next two months," said Pawar.
The federal government has also allowed duty free imports of sugar, and is asking state governments to cut food taxes. It will also boost the quantities of food grains to be sold at subsidized prices to low income people.
Food prices have soared since weak monsoon2 rains last summer lowered productivity of crops such as rice, sugar, lentils and oilseeds. Prices of sugar and potatoes have doubled in recent months, and rice is up by nearly 30 per cent.
The high prices are hurting middle income and poor people, who spend a large portion of their income on food. Nearly half of India's more than one billion people live on less than two dollars a day, and many are coping by cutting back on the quantities of food they usually buy.
The government says it has enough food stocks to meet demand during difficult times. Agriculture Minister Sharad Pawar is calling on state governments to ensure that traders do not hold back food supplies from the market.
"State governments are again being advised to strictly3 enforce the measures to stop hoarding4 by traders, and to take stern action against hoarders under powers vested with them," said Pawar.
The government is hoping prices will begin to fall in the coming weeks, particularly if farmers reap a good winter harvest.
But soaring food prices are not the only worry for the government. Inflation exceeded seven per cent in December - the highest rate in more than a year.
Economists5 say the high inflation rate may prompt the government to gradually begin withdrawing stimulus6 measures such as low interest rates, which helped the economy recover from the global financial crisis.
1 implemented | |
v.实现( implement的过去式和过去分词 );执行;贯彻;使生效 | |
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2 monsoon | |
n.季雨,季风,大雨 | |
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3 strictly | |
adv.严厉地,严格地;严密地 | |
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4 hoarding | |
n.贮藏;积蓄;临时围墙;囤积v.积蓄并储藏(某物)( hoard的现在分词 ) | |
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5 economists | |
n.经济学家,经济专家( economist的名词复数 ) | |
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6 stimulus | |
n.刺激,刺激物,促进因素,引起兴奋的事物 | |
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