Saturday, July 11, 2009

Potato -- All time HIGH !!

Every in India comes at the cost of common men, where vast majority lives below the poverty line or marginally little above it and the benefit of reforms directly reaches to handfuls few, the majority reels under the launch pad of reform rocket.
With much doll drum the commodity exchange was signaled off few years ago, so that it is accessible to all and sundry and a market regulator was asked to play the role of watchdogs to ensure its smooth running. Certain parameters were set, within which the investors can invest, speculate and the goods or items were identified that could be traded thorough commodity exchange. In fact as most of the goods were traded in Mandis(wholesale markets), so they found passage to commodity exchange too. The result! is devastating; first it was cereals like rice , wheat, next the term was of sugar, now the poor men’s potato! The traders invest and trade for profit and profit is the sole motif, so be it rice or wheat, sugar or potatoes; excessive speculations have skyrocketed the price of these common men’s commodities beyond their reach. Think of those who earn less than five hundred rupees or ten dollars per month; their only vegetable potato is costing around twenty rupees or around 40-50 cents! So far there were only hue and cry over the price rise; at last they could identify the root, the commodity market, where the investors are not interested to release their stock expecting more and more profit with every passing day. Earlier in recent past sugar was identified and for some time it was removed from list of tradable commodity of the commodity exchange, prior to that last year , so far I remember it was rice, now the turn of potato has come. Not that as yet any measure like removing potato from the list of tradable commodity is taken; only thing the government at the center fixed a period of holding stock for potato months ago and that was ignored since there was no circular, now the circular is being circulated. Will this solve the problem for ever? Never, if the potato or sugar or rice had their turn, there are so many others in the queue.
What is surprising this market is the brainchild of open economy regime and where it started there it was tested thoroughly and for all the faltering; remedies were found. Here no one needs to tax his brain to find solutions as they are readily available with the advance economy, only thing with due customization it requires implementation. So, why that is not being done here? Because those who would implement it they are hand in gloves with the profit mongering traders!

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