1. Home
  2.  |  
  3. Economy Current Affairs  |  

CCEA approved sale of 10 million tonnes of wheat in Open Market to Check Prices

Jul 30, 2014 18:18 IST

The Cabinet Committee on Economic Affairs (CCEA) on 24 July 2014 approved the sale of 10 million tonnes of wheat from the FCI stock in the open market in order to boost domestic supply and check prices. The CCEA was headed by Prime Minister Narendra Modi.

Highlights of the Meeting

The reserve price under OMSS was fixed at 1500 rupees per quintal plus freight charges for old crop and five percent premium for new crop.

It was decided that wheat would be sold through the e-tendering process by the State-run Food Corporation of India (FCI) with an aim to improve domestic supply of wheat and check prices, besides reducing storage pressure on FCI.

The wholesale price of wheat was increased to 19 rupees per kg in the national market in July 2014, from 16.10 rupees per kg in July 2013. Additional release of wheat will ease prices.

If you have any Question/Point on the above information, please ask/discuss it in the Current Affairs Group

Is this article important for exams ? Yes94 People Agreed

Register to get FREE updates

    All Fields Mandatory
  • (Ex:9123456789)
  • Please Select Your Interest
  • Please specify

  • ajax-loader
  • A verifcation code has been sent to
    your mobile number

    Please enter the verification code below

This website uses cookie or similar technologies, to enhance your browsing experience and provide personalised recommendations. By continuing to use our website, you agree to our Privacy Policy and Cookie Policy. OK