Which of the following statements is/are correct with regard to measures used to check inflation in India?

1. The Minimum export price is set to curb exports.

2. The Essential Commodities Act, 1955 is implemented to curb hoarding and black marketing.

3. The Price Stabilization Fund (PSF) Scheme is implemented to control price volatility.

Select the correct answer using the code given below:

· Inflation is considered to be a complex situation for an economy. It is not easy to control inflation by using a particular measure or instrument.

· The main aim of every measure is to reduce the inflow of cash in the economy or reduce the liquidity in the market.

· The typical socio-economic composition of the consumer groups in India makes consumer inflation a highly sensitive issue. This is why controlling inflation at consumer level has been an area of priority for the Government. The major steps taken by the Government in this regard are:

· Regular review meetings on price and availability situation at the highest level.

· The states take strict action against hoarding and black marketing (as advised by the Government) and effectively enforce the Essential Commodities Act, 1955 and the Prevention of Black-Marketing and Maintenance of Supplies of Essential Commodities Act, 1980 for commodities in short supply.

· The Price Stabilization Fund (PSF) Scheme is being implemented to control price volatility of agricultural commodities, like pulses, onions, etc.

· Minimum export price imposed on edible oils (US $900 per tonne). To incentivize domestic production, this restriction has been removed on oil (except for palm oil, mustard oil and sunflower oil) or complete ban on exports.