The Government will sell 50 lakh tonnes of wheat and 25 lakh tonnes of rice in the open market to check retail prices. Food Corporation of India will sell wheat and rice in the open market in a phased manner under Open Market Sale Scheme through E-auction. Briefing reporters in New Delhi, Secretary of, Department of Food and Public Distribution Sanjeev Chopra said, the decision has been taken to reduce the prices of Wheat and Rice. He said the Government is getting inputs that many traders are hoarding the wheat stocks, leading to price escalation of wheat in the market. He said, there is adequate stock of rice and wheat available. Mr Chopra said, the main aim of the Government is to keep the price at a reasonable rate.
Wheat prices have gone up by over six percent in the retail market and over seven percent in the wholesale market in the last year. Similarly, the prices of rice in the retail market have gone up by over ten percent and over 11 percent in the wholesale market.
The Government has also decided that the reserve price will be brought down by two hundred rupees per quintal and now the effective price will be two thousand nine hundred rupees per quintal. The cost on account of the reduction in the reserve price will be borne from the Price Stabilization Fund maintained by the Department of Consumer Affairs.
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