NEW DELHI: The total stock of wheat with Food Corporation of India (FCI) has touched 346 lakh ton after sourcing of the fresh winter crop passed the 262 lakh ton mark on Tuesday. This puts the government in a comfortable position to, and have the ability to, comply with the legal requirements sell around 90,000 tons of wheat on the open market to keep an eye on prices.
Government data shows that as of April 1, the FCI had an opening stock of 84 lakh tons of wheat and current procurement is likely to reach 265 lakh tons.
To meet needs under the national food security system and other welfare programs, the government needs around 184 lakh tons of wheat.
According to the stocking standards, the FCI must have at least 75,000 tons by April 1st next year. So the government will have a surplus of 85 to 90 lakh tons for market intervention. “We can sell the wheat on the open market if there is a need,” an official said.
Government data shows that as of April 1, the FCI had an opening stock of 84 lakh tons of wheat and current procurement is likely to reach 265 lakh tons.
To meet needs under the national food security system and other welfare programs, the government needs around 184 lakh tons of wheat.
According to the stocking standards, the FCI must have at least 75,000 tons by April 1st next year. So the government will have a surplus of 85 to 90 lakh tons for market intervention. “We can sell the wheat on the open market if there is a need,” an official said.
