India releases domestic wheat stocks to stabilize prices
Food Corporation of India (FCI) in a bid to reduce domestic wheat prices is planning to auction it under the domestic sales scheme.
The average price of wheat in the retail market is now between Rs 3,000 and Rs 4,000. However, the minimum support price of wheat is Rs 2,425.
To stabilize prices, the Food Corporation of India will sell 2.5 million tonnes of wheat to flour millers and processors through an online auction.
Wheat production in the country has stagnated over the last 2 years due to weather conditions and geopolitical tensions between the two largest wheat producers and exporters – rf and Ukraine.
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