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 | Ban on futures trading futile Our Correspondent With inflation refusing to relent, the Government's anxiety, frustration and latent control mindset are strengthening by the day. Unsurprisingly, its actions are becoming erratic and hazardous—that is, hazardous for the people and economy of the country. The day steel makers agreed—actually cowed down—to reduce prices, futures trading in four more agricultural products was suspended. "It is quite unfortunate that the Government banned four items despite there being a strong evidence against futures trading (driving up prices)," said the Commodity market regulator, Forward Markets Commission Chairman BC Khatua. On April 23, Planning Commission Deputy Chairman Montek Singh Ahluwalia said, "I don't support the notion that futures trading was leading to inflation." He also said that prices in certain commodities had increased up despite the ban as global prices of those commodities had increased. The farm sector, too, has not been amused by the recent decision to ban futures trading in wheat, rice, urad and tur. Sharad Joshi, an activist promoting the cause of agriculture, said, "In the Government's definition of inclusive growth, there are more who fight against freedom for farmers than those fighting for freedom." Nor was there ever any need to stall futures trading in commodities; this fact came up in the recommendations of a committee appointed by the plan panel. Yet, the Government found it prudent to ban futures trading. Unfortunately, there is not end to governmental activism. As Minister of State for Industry Ashwani Kumar said, "Government is not helpless and has means to ensure prices are brought down. More measures—both administrative and fiscal—are in the offing to control inflation." The statement has menacing undertones. While Prime Minister Manmohan Singh tried to cajole businessmen last week to help his Government in its war on inflation, Kumar and other ministers are almost threatening the entire business community of introducing pre-liberalisation measures to check prices. The Government's pretext is well-known—national interest and well-being of the poor. This is the collectivist's pretext. As Ayn Rand said, "Collectivism maintains that an elite endowed with special mystic insight should rule men—which implies the existence of an elite source of knowledge, a fund of revelations inaccessible to logic and transcending the mind." In the Indian context, the "elite endowed with special mystic insight" are none other than our political masters, bureaucrats, technocrats, and other experts who claim to know everything. So, what the Prime Minister and his ministers mean is: 'Businessmen can't see beyond their net profits and dividends; we, the omniscient, know what is good for the nation. We will provide the cure.' It is another matter that their remedies are worse than the maladies. Posted on : 5/10/2008 Mail this article to your friend |