Retailers have been warned that breaching stock limits, engaging in speculation, or profiteering would result in severe consequences.
Dhirendra Kumar
Published16 Jul 2024, 08:11 PM IST
Wholesale prices of pulses have declined 4% over the past month, reflecting a downturn in the price escalation of essential commodities.(Mint)
The ministry of consumer affairs on Tuesday asked big retail chains to align their pulse prices with those of declining wholesale rates and cut their profit margins.
As per a ministry statement, wholesale prices of pulses have declined 4% over the past month, reflecting a downturn in the price escalation of essential commodities.
As per the government data, the mandi price of tur in Gulbarga was ₹12,200 per quintal on 15 June, which has since decreased to ₹11,900 per quintal by 12 July.
Similarly, the price of tur has fallen from ₹11,800 per quintal last month to ₹11,700 a quintal this month in the wholesale markets of Indire. In Mumbai, it is down from ₹11,425 to ₹11,125 over the same period.
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According to the statement, consumer affairs secretary Nidhi Khare held a meeting on Tuesday with representatives of top retailers such as Reliance Retail, D Mart, Tata Stores, Spencer’s, RSPG, V Mart, among others, as well as the Retailers Association of India (RAI).
What would reduction in profit margins lead to?
Khare directed them to reduce their profit margins so that the benefits of the decline in wholesale prices of pulses are passed on to consumers.
During the meeting, Khare warned retailers that breaching stock limits, engaging in speculation, or profiteering would result in severe consequences.
The secretary also highlighted the robust sowing progress for kharif pulses. The government has implemented various initiatives to boost the production of tur and urad in major kharif pulses-producing states.