Top
Millennium Post

Govt plans to sell wheat to check prices

Govt plans to sell wheat to check prices
X
The Food Ministry is planning to sell additional five million tonne wheat in the open market to bulk consumers like flour millers and biscuit makers in a bid to check rising prices and offloading the surplus stock. 'We are planning to release another 5 mn tonnes of wheat to bulk consumers under the open market sale scheme (OMSS),' food minister K V Thomas told reporters.

In June, the government had allocated sale of 3 mn tonne wheat from its godowns under the OMSS to ease storage pressure during the monsoon season.

If the proposal to sell additional 5 mn tonne is approved by the government then the total quantity of wheat to be sold would reach 8 million tonne in this fiscal.

So far, the government has released about 1.3 mn tonne wheat since mid-July, with another 1 mn tonne to be released in this month.

Food Corporation of India sold wheat initially at a floor price of Rs 1,170 per quintal under OMSS through a tender process.
Next Story
Share it