The total stock of wheat with the Food Corporation of India (FCI) has touched 346 lakh tonne after the procurement of the fresh winter crop crossed 262 lakh tonne on Tuesday. This will put the government in a comfortable position to meet the statutory requirement and also the option to sell around 90 lakh tonne of wheat in the open market to keep check on prices.
Government data shows that as on April 1, the FCI had the opening stock of 84 lakh tonne of wheat and the current procurement is likely to touch 265 lakh tonne.
To meet the requirement under the national food security scheme and other welfare programmes, the government requires around 184 lakh tonne of wheat.
As per the stocking norms, the FCI needs to have at least 75 lakh tonne as on April 1 next year. So, the government will have 85-90 lakh tonne surplus for market interventions. “We can sell the wheat in the open market as and when there is any requirement,” said an official.
This article has been republished from The Times of India