Government to sell wheat from its stock to flour mills and biscuit makers to curb prices

Wheat Price Hike: After the increase in wheat prices, the government is preparing to sell wheat from its reserves to bulk consumers like flour mills and biscuit manufacturing companies to provide flour and biscuits to consumers at affordable prices. To control the prices, the central government has allowed FCI (Food Corporation of India) to sell wheat from its inventory so that the supply of wheat can be increased in the market.

Food Corporation of India will sell wheat under OMSS. From next month, FCI will sell wheat at the rate of Rs 23,250 per tonne which is 12 percent cheaper than the current price in the market. However, it is not yet decided how much wheat will be sold under the Open Market Sale Scheme. Last year also, after the rise in wheat prices, FCI sold wheat to bulk consumers and private players. During the financial year 2023-24, FCI sold 10 million metric tonnes of wheat in the open market which is a record.

According to a Reuters report, a dealer associated with a Mumbai-based global trading house said that due to the FSI offering wheat at cheaper prices, many private players may show interest in buying large quantities of wheat. Wheat prices in India have risen by 6 percent in the last one year. Wheat crops were damaged due to rising temperatures in 2022 and 2023, after which the Government of India decided to ban wheat exports in May 2022, which is still in force.

Even in the current year, wheat production has been 6.24 percent less than the government's estimate of 112 million metric tons. The stock of wheat in the state warehouses has come down to 29.9 metric tons from 31.5 metric tons last year. In the month of June, the government had fixed the stock limit for traders to keep wheat. According to the report, India can import wheat again after a six-year ban to reduce wheat stock and control prices. The government has imposed a 40 percent tax on wheat imports. Removal of the tax will open the way for private traders and flour mills to import wheat from Russia and Australia.

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