COMMODITY
RFMFI welcomes government's decision to sell 30 lakh tonnes wheat in open market
Jan-27-2023

Roller Flour Millers Federation of India (RFMFI) has hailed the government's decision to sell 30 lakh tonnes of wheat in the open market and said the move will lead to a reduction in wheat and wheat flour (atta) prices by Rs 5-6 per kg. The Centre on January 25, 2023 announced the sale of 30 lakh tonnes of wheat in the open market from its buffer stock to check the rise in prices of wheat and wheat flour (atta). The stocks will be sold by the state-owned Food Corporation of India (FCI) during the next two months through various channels. While wheat will be sold to bulk consumers like flour millers through e-auction, the FCI will offer wheat at Rs 23.50 per kg to public sector units/cooperatives/ federations, Kendriya Bhandar/NCCF/NAFED for converting the grain to atta and offer it to the public at a maximum retail price (MRP) of Rs 29.50 per kg.

RFMFI President Pramod Kumar said that 'We welcome the government decision. It should have been taken a month ago. It is a right step. Wholesale and retail prices will come down by Rs 5-6 per kg,' As per the government data, the average price of wheat across major cities stood at Rs 33.43 per kilogram on Wednesday, up from Rs 28.24 per kg a year ago. Average prices of atta (wheat flour) stood at Rs 37.95 per kg against Rs 31.41/kg a year ago.

India's wheat production fell to 106.84 million tonnes in the 2021-22 crop year (July-June) from 109.59 million tonnes in the previous year due to heat waves in a few states. The procurement fell sharply to 19 million tonnes this year from around 43 million tonnes last year. The area under coverage for wheat crops in the current rabi (winter-sown) season is slightly higher. The procurement of new wheat crops would commence from April 2023.

  RELATED NEWS >>