Govt To Sell 2.1 MT Wheat In Open Market

To control food inflation, the government has decided to sell 2.1 million tonne of wheat in the open market on Tuesday, the final decision would be taken in the coming 10 days, as per media reports.

This decision would play a key role to control the country’s retail inflation. Notably, India's economy accounts for nearly 40 per cent of the consumer price inflation basket.

To control the prices, the Modi government banned wheat export is also banned in May 2022.

India's food inflation eased in November to 4.67 per cent from 7.01 per cent in October.

India's consumer price index inflation for November decreased to an 11-month low of 5.88 per cent from 6.77 per cent in October, according to the data released by the Ministry of Statistics and Programme Implementation (MoSPI).

The central government has about 2.1 million tonne of surplus wheat after discontinuing the free food grain distribution program, according to a government official.

A period till April would be enough for the government to control prices as it would be able to have 3 million tonne of surplus wheat intervention, added the official

Meanwhile, as of Tuesday, wheat is trading at Rs 28, 910 per tonne.