New Delhi (PTI): The government is likely to decide on Thursday on the key issue of selling wheat in the open market from its buffer stock ahead of the festival season.
"The Cabinet Committee on Economic Affairs will discuss the proposal to offload wheat in the open market and if the decision favours then it will also decide the quantity," a source said.
The Food Ministry had last month sent the proposal on sale of wheat in the open market without specifying the quantity, a government official said.
The government has enough wheat in its buffer stock as Food Corporation of India procured a record 225 lakh tons of wheat this year on the back of record output at 784 lakh tons.
Last month, Food Minister Sharad Pawar had said, "Our buffer norms are 45 lakh tons. In buffer stock, I have kept 55 lakh tons, that is 10 lakh tons more. Then I have kept 30 lakh tons as a strategic reserve and 30 lakh tons just to enter the open market."
The government could utilise the strategic reserve for open market sale, he had said, adding that the scope is for 60 lakh tons for open market sale.
Sources, however, said the Food Ministry may allow 30-40 lakh tons of wheat before Dussehra-Diwali to prevent prices from going up.
The Ministry has proposed two formulae for distribution of the wheat under the open market scheme. Though officially it has proposed "auction" as a method, officials believe that it would not be the right approach when the objective is to control price.
As an alternative, the ministry has also suggested to release wheat to the States at a fixed price, as done last year, for distribution through consumer cooperative stores.
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