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Govt to sell wheat, rice in open market

Govt to sell wheat, rice in open market
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First Published: Thu, Aug 21 2008. 02 46 PM IST
Updated: Thu, Aug 21 2008. 02 46 PM IST
By PTI
New Delhi: The government today decided to sell wheat and rice in the open market to calm prices of these food grains that have been feeding inflation.
The decision to sell surplus stocks in the open market was taken by the Cabinet Committee on Economic Affairs (CCEA) that was presided by Prime Minister Manmohan Singh.
While state governments will distribute the food grain to retail consumers, Food Corporation of India would sell directly to the bulk buyers through an open tender system.
The quantity and timing for open market operation will be decided by the Ministry of Consumer Affairs and Food and Public Distribution on the recommendations of the Committee of Secretaries.
However, the open market sale of food grains will be taken only after meeting the requirement for buffer stock and strategic reserves. Inflation at 12.44% remains one of the main concerns of the government.
The record food grains production estimated at 230.7 million tonnes for 2007-08 has enabled the government to not only procure adequate stock for PDS but also for open market operation.
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First Published: Thu, Aug 21 2008. 02 46 PM IST
More Topics: Government | Wheat | Rice | Food Grains | CCEA |