fifty years ago, AUGUST 11, 1972 Archives

Political sanctions against hoarders

New Delhi, Aug. 10: The Finance Minister, Mr. Y.B. Chavan, told the Lok Sabha to-day that he expected the new public distribution system to make, within weeks, an impact on the now rising prices of essential commodities and appealed for co-operation from all political parties. Intervening in the debate on the price situation, he pledged the Government to the use of not only the provisions of the law but also “political sanctions” against anti-social elements who have taken advantage of the delayed rains and fear of drought to hoard and to push up the prices. Mr. Chavan also promised that no production or distribution programme would lack funds even if it meant resort to further deficit financing. Mr. Chavan said the price situation was in part the economic price the country has had to pay for some of the political steps taken last year for which the Government had been lauded. He did not clarify this remark.  The Finance Minister did not offer any apologies for the deficit financing which was criticised by many members but he asked the House to take note of the massive effort made by him to mobilise resources side by side with deficit financing. The Centre’s effort to mobilise additional resources had yielded Rs. 2,900 crores not including the share of the States between 1969-70 and 1971-72 as against the Fourth Plan target of Rs. 2,100 crores for five years.


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