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LATEST NEWS UPDATES | Will intervene in market if wheat price increased abnormally: Centre

Will intervene in market if wheat price increased abnormally: Centre

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published Published on Oct 17, 2022   modified Modified on Oct 18, 2022

-The Hindu

FCI has adequate stocks of wheat and rice, says Food Secretary

Amid reports of increase in the wheat price during the festive season, the Centre said on Monday that it would intervene in the market if the price increased abnormally. Talking to reporters, Union Secretary of Food and Public Distribution Sudhanshu Pandey said sufficient stocks of wheat and rice were available in the Central pool to meet the requirement of the National Food Security Act and other schemes of the Centre.

Mr. Pandey said big farmers had not released last rabi season’s wheat harvest to the market, which was normal, and said that due to better prices, farmers had preferred private traders to the government for selling wheat. “Price rise is not abnormal as it has been perceived and projected,” Mr. Pandey said. He said the wholesale price of wheat was ruling at 2,331 per quintal on October 14, 2021, as against 2,474 per quintal on the same day in 2020. “Therefore, it is not advisable to compare the current year’s increase in wheat price with last year’s. It should be compared with prices that prevailed in 2020,” Mr. Pandey said.

Explaining the stock position in Food Corporation of India godowns, he said approximately 227 lakh metric tonnes (LMT) of wheat and 205 LMT of rice were available in the Central pool, which was well above the buffer norms and operational requirement. He said that by April 1, 2023, approximately 113 LMT wheat and 237 LMT rice would be available in the Central pool after meeting all the requirements, against the buffer norms of 75 LMT of wheat and 136 LMT of rice.

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The Hindu, October, 17, 2022, https://www.thehindu.com/news/national/will-intervene-in-market-if-wheat-price-increased-abnormally-centre/article66023044.ece?homepage=true


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