The government gave the assurances while replying to separate discussions on price rise and deficient monsoon situation in Lok Sabha and Rajya Sabha, which saw members expressing concern.
In the Lok Sabha, Food Minister Ram Vilas Paswan said there was no shortage of supplies but hoarders are taking huge cuts and the government has already initiated steps to sternly deal with them.
He was replying to a discussion on price rise over which the government came under scathing attack with Opposition mockingly asking whether the rise in prices reflected the arrival of "achche din" (good days), a poll slogan of the BJP.
Seeking to allay apprehensions, Paswan said, "There is no need to spread panic in the country...We need not panic."
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He said prices of some commodities like onion and potato are generally high during the lean period of June-September.
In the Rajya Sabha, Agriculture Minister Radha Mohan Singh said the government has initiated measures to deal with poor monsoon which includes extra power supply for irrigation in worst-affected regions.
Clarifying that the Centre has not declared drought anywhere in the country and it is the prerogative of state governments, he, however, said a contingency plan has been kept ready for 550 districts to deal with the situation created by weak monsoon.