Govt will sell wheat in the open market to keep prices under control-Food Secretary.
Food Secretary Sudhanshu Pandey stated on Monday that the government would sell wheat on the open market if there was a need to control prices. The statement was made in response to a question regarding whether or not prices should be regulated.
He said that even though the requirements for the seventh phase of the Pradhan Mantri Garib Kalyan Ann Yojana (PMGKAY) have been met, the central pool still has enough wheat and rice. ‘We also have a surplus for market intervention if the necessity arises,’ he added later on. ‘We are prepared.’ Pandey allayed concerns regarding the increase in the price of wheat by stating that the increase is in line with the increase in the minimum support price (MSP) of wheat as well as other costs such as transportation.
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According to him, the price of wheat on the international market is nine to ten times more than the price of wheat in Ukraine. He also mentioned that just a portion of Ukraine’s wheat supply has reached the international market, and the gap between the two numbers remains.