Wheat prices started showing a downward movement today after an Empowered Group of Ministers (EGoM) headed by FM Pranab Mukherjee okayed the release of an additional 30 lakh tonnes of wheat and rice for the poor, over and above the current PDS allocation, for the next six months. The most-active wheat contract was reportedly trading around 0.60% lower at Rs 1,158.40/qtl on the back of fresh selling in anticipation of...

An empowered group of ministers headed by finance minister Pranab Mukherjee decided to release an additional 500,000 tonnes of wheat and rice every month for sale to ration card holders for the next six months, according to agriculture minister Sharad Pawar. The move is aimed at reining in prices and curbing inflation and will cost the government an estimated Rs2,000 crore. The group met on Wednesday to discuss foodgrain availability...

Food Inflation further eased to 16.04% for the week ended April 24, as arrival of rabi (winter) crops cooled down prices of essential items. Inflation fell over 0.57% from 16.61% in the previous week on account of a percentage point drop in prices of fish, fruits, wheat and vegetables over the week. However, tea prices rose 13% while maize, gram and eggs prices were up 1% each. Prices of cereals...

Even as the government tries to meet the expectations of the Congress high command on the Food Security Bill, it is still trying tricks in the economist's books to keep its food subsidy bill as low as possible. While the Planning Commission has now accepted that it would include community kitchens and existing nutrition security schemes such as ICDS and mid-day meal programmes under the proposed Bill, it is also...

India’s food inflation slowed as finance minister Pranab Mukherjee said agriculture prices may cool further on prospects of sufficient rains this year. An index measuring wholesale prices of agriculture products including lentils, rice and vegetables compiled by the commerce ministry rose 16.61% in the week ended 17 April from a year earlier. It gained 17.65% the previous week, according to a statement in New Delhi on Thursday. Mukherjee on Wednesday vowed to...