Govt to release additional 20 LMT wheat in open market

NEW DELHI: Government will offload an additional 20 lakh metric tonnes (LMT) of wheat in open market through Food Corporation of India (FCI) to further rein in prices of the commodity.

This would be in addition to 30 LMT of wheat which has already been offloaded in open market.

 The reduction in reserve price along with additional offloading of 20 LMT of wheat will collectively help in reducing market price of wheat and wheat products for consumers, official sources said.

Food secretary Sanjeev Chopra on Tuesday held a virtual meeting with representatives of FCI and flour milllers association, to review the lifting of stocks in the second auction.

A committee of ministers headed by Home Minister Amit Shah had on January 25 decided to review the prices of essential commodities.

It was decided in the meeting to release 30 LMT wheat from FCI stock through open market.With the release of wheat in open market, prices have come down by 20 per cent across the country.