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LATEST NEWS UPDATES | FCI to sell 2 million tonnes of wheat in international market -Madhvi Sally

FCI to sell 2 million tonnes of wheat in international market -Madhvi Sally

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published Published on Sep 11, 2013   modified Modified on Sep 11, 2013
-The Economic Times


NEW DELHI: The Food Corporation of India (FCI) will export two million tonnes of wheat in the coming months to earn valuable foreign exchange of nearly $ 600 million for the country.

The proposal to export the wheat from the stocks of the central pool of FCI was approved by the Cabinet Committee on Economic Affairs (CCEA) last month. A sub-committee, headed by FCI Chairman and MD C Viswanath, will meet soon to finalise the formalities for floating international tenders.

The wheat export of 4.2 million tonnes undertaken by FCI last year had fetched $ 1.4 billion in the international market.

"The acceptability of Indian wheat in the international market is an encouraging sign as evident from the sale last year. Therefore, another 2 million tonnes of wheat will be offered to the foreign buyers," said an officer of FCI. "We have the stocks. It is also the right time to enter the international market," he added.

After the tenders are floated, an Empowered Committee, headed by the Commerce Secretary, will approve the successful bidders.The foreign buyers of Indian wheat in the international market are mainly from South Korea, Bangladesh and Ethiopia.

In the exports of 4.2 million tonnes completed last month, the Indian wheat had fetched an average price of $ 311.38 per tonne.

According to the CCEA decision, the exports of the 2 million tonnes of wheat this year will have to be completed by 31st March, 2014.

The FCI will undertake the exports through the State Trading Corporation, PEC and Metals and Minerals Trading Corporation of India, which will float the tenders.


The Economic Times, 11 September, 2013, http://economictimes.indiatimes.com/news/economy/agriculture/fci-to-sell-2-million-tonnes-of-wheat-in-international-market/articleshow/22483309.cms?adcode=100


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