Cabinet yesterday approved a propsal submitted by Trade Minister Nalin Fernando to import eggs in a bid to control the steep rise in egg prices.
Accordingly, the Trade Ministry will now be working with the private sector on a mechanism to import eggs in order to bring down prices and meet the local demand for eggs, a senior government official said.
Prices of eggs have gone up significantly since the Court of Appeal suspended the gazette notification issued by the Consumer Affairs Authority stipulating a maximum retail price for eggs.
A move by the Agriculture Ministry with the aid of the All Ceylon Egg Producers' Association to dispatch lorries to populated areas in Colombo and Gampaha and sell eggs at Rs. 55 each has also failed.
A very good move. Should not allowed to increase prices irrationally by various groups call 'Sangamyas'
Both government policies of putting a price cap on eggs and approving eggs to be imported are wrong. First, we have resources in this country to produce eggs saving the much needed foreign currency. However there is no incentive for anyone to produce eggs because there is a price cap. If the price cap is lifted, yes, the price will rise initially and there will be shortages because the demand is higher than the supply. However the very high prices will motivate lot of farmers to increase production bringing down the price to a stable level and eliminating shortages in the long run. This is the basic economic principal of supply, demand and price. In the process there will be other benefits also such as increase in employment to increase production and we will also save the much needed foreign currency. Our politicians always take the short term popular policies, however bad and wrong they are, without looking at the long term economic growth, and benefits to the country. We have still not learnt the lesson even after the recent economic disaster.
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