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LATEST NEWS UPDATES | Centre may sell cereals in open market to rein in prices -Zia Haq

Centre may sell cereals in open market to rein in prices -Zia Haq

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published Published on Oct 18, 2022   modified Modified on Oct 18, 2022

-Hindustan Times

India has a surplus of federally held stocks of rice and wheat, and the government could intervene in the open market “if needed” by selling cereals at a discount to curb prices, food secretary Sudhanshu Pandey said on Monday.

India has a surplus of federally held stocks of rice and wheat, and the government could intervene in the open market “if needed” by selling cereals at a discount to curb prices, food secretary Sudhanshu Pandey said on Monday.

The government expected sufficient output of kharif or summer-sown rice currently being harvested and hopes to procure 77 million tonnes of paddy, compared to the previous year’s 78 million tonnes, Pandey said. The government’s paddy stocks could go up to 90 million tonnes, taking into projections the upcoming winter-sown rice season. Paddy is mostly sown in summer.

“The rainfall condition this year has been fairly good in the country and the production of paddy is expected to remain normal,” said Food Corporation of India’s chairman Ashok KK Meena, who was also present at the briefing, citing a presentation.

A prolonged heatwave in March affected India’s wheat output, prompting the government to ban export in May. The government also curbed overseas rice shipments last month, imposing an export duty of 20% and banning shipments of broken rice, to shore up domestic availability.

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Hindustan Times, 18 October, 2022, https://www.hindustantimes.com/india-news/centre-may-sell-cereals-in-openmarkettoreininprices-101666032831070.html


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