Union Food and Public Distribution Minister Ram Vilas Paswan on Sunday blamed hoarders for the "sudden" increase in prices of essential commodities and suggested framing of stern laws to deal with them.
"It has been noticed that food and vegetable prices shoot as hoarders stockpile these commodities and make a kill by creating artificial shortage of such commodities despite its availability in the market," he told reporters in Patna.
Sudden price escalation has been seen in the case of vegetables like potato, tomato and onion recently as the hoarders stocked up these items for two to three days to create artificial shortage, Paswan said. "A number of other factors like rumour and media reports about likelihood of shortage of food and vegetable items also have been responsible for the rise in the prices of these commodities as hoarders act promptly and stock up these items for couple of days to reap windfall later," he said.
Stating that the Centre has identified hoarding as one of the major reasons for artificial spurt in prices of food and vegetable produces, Paswan suggested framing of stringent rules in all states to regulate the market. The Essential Commodities Act should be amended to raise imprisonment for hoarders from six months at present to a year, he said.
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