Jan. 13: Battling criticism for its failure to check rising prices, the Congress-led UPA government on Thursday sought to reassure the common man by reiterating the steps it is taking to check the upward spiral.
Prime Minister Manmohan Singh, an economist himself, chaired meetings to review the price rise since Wednesday, while the government announced an inter-ministerial group headed by the chief economic adviser in the Union finance ministry, Kaushik Basu, entrusted with reviewing overall inflation with particular reference to primary food articles.
It will undertake a periodic review of the import and export of all essential commodities and warned of a crackdown against hoarders and black-marketeers who manipulate prices.
On essential commodities, there would be controls on their export and easing of restrictions on import, including tariff reductions when necessary.