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LATEST NEWS UPDATES | Centre to release 5 million tonnes of wheat in open market next month by Gargi Parsai

Centre to release 5 million tonnes of wheat in open market next month by Gargi Parsai

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published Published on Jun 26, 2010   modified Modified on Jun 26, 2010


Wheat to be sold to traders at Rs.12.50 a kg; decision on sugar deferred 

The Centre will release five million tonnes of wheat from its pool in the open market to enhance availability and maintain a check on prices.

The wheat, to be released in July, would be available directly from depots for traders and retail buyers at a reserved price of approximately Rs.12.54 a kg. Wheat is selling in Delhi at about Rs.14 a kg.

Approved by EGoM

The proposal was approved here on Friday by the empowered group of ministers (EGoM) on food chaired by Union Finance Minister Pranab Mukherjee. The wheat released for sale under the Open Market Sale Scheme (OMSS) would be in addition to the 3 million tonnes released last year through State governments.

The meeting, however, deferred a decision on reducing the levy obligation on sugar millers from 20 per cent to 16 per cent, saying that the sugar availability and price situation was still vulnerable. Levy sugar is sold to Below Poverty Line beneficiaries of the public distribution system. The price of levy sugar was recently revised from about Rs.15 a kg to Rs.17.50 a kg. The EGoM also decided to retain the zero duty on wheat and sugar imports in view of the food inflation. India has imported about 6.1 million tonnes of sugar since February 2009, as per industry estimates.

Benefit for small buyers

Wheat will be sold at government depots between July and March at acquisition cost plus freight from Ludhiana to state capitals which works out on an average to Rs.12.54 a kg. Small buyers, retailers and traders would be able to lift one tonne a day during the period. Bulk buyers would have to go through the process of tenders as before. As against the buffer norm of 7 million tonnes on April 1, the wheat stocks stood at 35.1 million tonnes on June 1. It is expected that at current levels of demand and after meeting all PDS and welfare scheme obligations, the wheat stock on April 1 next would be 12.9 million tonnes.

On the National Food Security Bill, the chairman decided that it would be discussed after the Sonia Gandhi-headed National Advisory Council takes a view on it.


The Hindu, 26 June, 2010, http://www.hindu.com/2010/06/26/stories/2010062655571300.htm


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