The Food Corporation of India (FCI) is said to have adopted certain measures to start open market sales for wheat to prevent price increases.
Recently the price of wheat in Delhi reached a record price of Rs.30,700 per tonne which was highly unusual compared to other commodities and previous selling seasons.
To curb the price increase FCI plans to set up an open market to ensure the sale of around 2-3 million tonnes of wheat to millers and bulk buyers. The procedures are to be implemented by the end of January itself as the prices of wheat have already increased and are feared to increase even more.
At present, the wheat stock held by FCI is estimated to be barely 17.170 MT which is too less compared to the stock a year ago which was 33.012 MT. This year the government’s wheat procurement also was around 18.79 million tonnes due to inadequate local production and excessive purchase by certain buyers.
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