10 MT wheat for open mar­ket sale

The Political and Business Daily - - FRONT PAGE - NEW DELHI, JULY 24

The Govern­ment on Thurs­day ap­proved sale of 10 mil­lion tonne of wheat from FCI stock in the open mar­ket in order to boost do­mes­tic sup­ply and check prices.

A de­ci­sion in this re­gard was taken at a meet­ing of the Cabi­net Com­mit­tee on Eco­nomic Af­fairs (CCEA), headed by Prime Min­is­ter Naren­dra Modi.

"The CCEA has cleared sale of about 10 mil­lion tonne of wheat via the Open Mar­ket Sale Scheme (OMSS) to bulk buy­ers," sources said.

THE govern­ment to­day ap­proved sale of 10 mil­lion tonne ofwheat from FCI stock in the open mar­ket in order to boost do­mes­tic sup­ply and check prices.

A de­ci­sion in this re­gard was taken at a meet­ing of the Cabi­net Com­mit­tee on Eco­nomic Af­fairs (CCEA), headed by Prime Min­is­ter Naren­dra Modi.

"The CCEA has cleared sale of about 10 mil­lion tonne of wheat via the Open Mar­ket Sale Scheme (OMSS) to bulk buy­ers," sources said.

The re­serve price un­der OMSS has been fixed at Rs 1,500 per quin­tal plus freight charges for old crop and 5% pre­mium for new crop, the sources added.

Wheat would be sold through e-ten­der­ing process by the state-run Food Cor­po­ra­tion of In­dia (FCI) with an aim to im­prove do­mes­tic sup­ply of wheat and check prices, be­sides re­duc­ing stor­age pres­sure on the FCI.

Wheat prices have firmed up in the last few days. Whole­sale price of wheat has in­creased to Rs 19 per kg in the na­tional mar­ket in July, from Rs 16.10 per kg in the same month last year, as per the of­fi­cial data.

In 2013-14, the govern­ment had an­nounced sale of 8.5 mil­lion tonne of wheat via OMSS, but was able to sell only 5.8 mil­lion tonne, earn­ing about Rs 9,310 crore.

Till early this month, the FCI had a wheat stock of 40 mil­lion tonne, against the re­quire­ment of 20 mil­lion tonne.

The coun­try had pro­duced a record 95.60 mil­lion tonne of wheat in the 2013-14 crop year.

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