New Delhi: The government will release around 16 lakh tonnes of wheat in the open market as well as to agencies like NAFED and Kendriya Bhandar that will sell wheat flour at a cheap rate that the existing rate of Rs 29.5 per kg, reports The Times of India.
The FCI has so far auctioned over nine lakh tonnes of wheat in the open market.
According to media report, the government will soon decide on the reserve price at which the grain will be sold. The plan to sell wheat below MSP would not be a good idea as the traders are likely to resell them to the government at MSP.
Newly harvested wheat crops are entering the markets in Madhya Pradesh, Maharashtra, and Gujarat for the ongoing marketing season. The price of wheat in the mandi is around Rs 2,400-2500 per quintal as against the MSP of Rs 2,125 per quintal for the 2023-24 marketing season that starts from April 1.
