New Delhi, Aug 21 (PTI) The government today decided to sell its surplus wheat and rice stocks in the open market to calm prices of these food grains, which have been feeding inflation.
The Cabinet Committee on Economic Affairs (CCEA) gave its approval for the open market sale scheme for wheat and rice, but asked the Food Ministry to decide on the quantity to be sold and timing on the basis of recommendations of the Committee of Secretaries.
Officials indicated that the government may sell about three to four million tons of wheat in the open market during the ensuing festival season, after meeting requirements of the public distribution system and strategic food reserves.
"The release of wheat and rice would help in stabilising open market price of food grains," an official statement said.
Under the scheme, the Centre will allocate food grains to state governments and Union Territories for distribution to retail consumers but for bulk buyers, the Food Corporation of India will sell the stock by inviting bids.
A high level committee of FCI, the nodal procurement and distribution agency, would fix the selling price for release of food grains to States and Union Territories.
However, CCEA said the rate of wheat should not be lower than the Minimum Support Price plus cost of transportation, benchmarked to Ludhiana by rail to a State/UT capital.
"A similar policy will be followed for release of rice under open market sale scheme (OMSS) whenever it takes place," it added.
Food and Agriculture Minister Sharad Pawar had said last month the government could offload up to six million tons of wheat in the open market. PTI
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