Government approves sale of 30 lakh MT wheat in open market to control spiralling prices

Government has approved sale of 30 lakh metric tonnes (MT) of wheat in open market in view of spiraling prices in the domestic markets, Zee Business’ Ambarish Pandey reports

government had in May imposed a ban on export of wheat in the aftermath of the Russia-Ukraine war. Source: Reuters

Government has approved sale of 30 lakh metric tonnes (MT) of wheat in open market in view of spiraling prices in the domestic markets, Zee Business’ Ambarish Pandey reports. The decision has come after weeks of deliberations.

The government wants to cool down the prices of wheat ahead of the harvesting season in order to sustain its purchase programme. The government had in May imposed a ban on export of wheat in the aftermath of the Russia-Ukraine war. It was done to prevent any domestic shortfall in wheat.

Now that the prices have been going up in the domestic markets, the government has taken a decision to release it in the open market.

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The government has also indicated that it will be able to retain a stock of 126 lakh metric tonne by 1st of April with buffer stock remaining at 75 lakh metric tonne.

The market has been waiting for this announcement for a long time.

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