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LATEST NEWS UPDATES | Subsidy Bill will damage govt’s finances: Sharad Pawar

Subsidy Bill will damage govt’s finances: Sharad Pawar

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published Published on Oct 20, 2011   modified Modified on Oct 20, 2011
-The Economic Times
 
The increase in India's food subsidy bill after the introduction of the Food Security Act, which will guarantee subsidised grains to a large section of population, could damage the country's financial health, agriculture minister Sharad Pawar said here on Wednesday. 

The situation is worrying even now, the minister said at the Economic Editors Conference here. "The issue price of grains for ration shops has not been changed for last seven-eight years. But every year, we are raising the minimum support price for farmers. 

We need to apply our minds and assess the repercussions of this situation. I don't want a Soviet Russia to happen in this country," he said. Once the Food Security Act is introduced, the subsidy burden on the exchequer would rise further. "There is a proposal to provide jowar at Re 1 per kilo to poor families while its market price is Rs 30 per kilo. This means government will have to bear the burden of Rs 29/kg. People also say there is danger the quantity will be sold back to the government," he said. 

The government will announce the minimum support price for wheat this week as lakhs of farmers in north India begin planting India's largest winter grain crop over the next few weeks. 

"The CACP has submitted its proposal and it has been circulated by my ministry. The Cabinet is expected to take a decision soon," Pawar said. However, the government is unlikely to announce a large export quota for sugar as demanded by industry, which is reeling under a large overhang of unsold stocks and faced with bumper cane production this year. "We have to protect the interests of domestic consumers first. That is why there can be no long-term export policy," he said. There is also little likelihood of the government taking away its control on sugar sales and prices. "Decontrol is not even on the agenda," he added.


The Economic Times, 20 October, 2011, http://economictimes.indiatimes.com/news/economy/finance/subsidy-bill-will-damage-govts-finances-sharad-pawar/articleshow/10423350.cms


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