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.
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When: 24 July 2014
Why: to Check Prices