Millennium Post

Govt plans to sell wheat to check prices

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